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Monday, July 7, 2014 Vol. 1 No. 139

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Nigeria’s most authoritative newspaper in politics and business

Nyako declares work-free days to stall removal

lPDP moves to save Ngilari, nominates incoming deputy governor Ibrahim Abdul Yola

T

he Adamawa State Government yesterday resorted to subterfuge to

frustrate the plans by the state House of Assembly to impeach the Governor, Alhaji Murtala Nyako and his deputy, Mr. Bala James Ngilari.

Nyako, through his Director of Press, Mallam Ahmad Sajoh, declared today and tomorrow workfree days to enable the people engage in special

prayers for Nigeria in view of the current happenings in the country.

However, it was learnt that the declaration of the public holiday was aimed

at frustrating today’s inauguration of the seven-man panel, raised by the state acting Chief Judge, Justice Ambrose Mammadi, to investigate allegations

of gross misconduct the state lawmakers levelled against Nyako and Ngilari.

There were however allegations that the CJ was forced at gunpoint to constitute the panel.

CONTINUED ON PAGE 2

CBN begins assessment of 14 ‘high risk’ banks

l13 Nigerian banks among top 1,000 world’s lenders Ayodele Aminu

T

he Central Bank of Nigeria (CBN) will today begin riskbased supervision of 14 banks regarded as “high risk banks.”

The banks, which the central bank’s examiners will scrutinise their books are First Bank of Nigeria

Plc, Ecobank of Nigeria Plc, First City Monument Bank Plc, Diamond Bank Plc, Wema Bank Plc, Skye Bank Plc and Heritage Bank.

Others are United Bank of Nigeria Plc, Fidelity Bank Plc, Unity Bank Plc, Sterling Bank Plc, Mainstreet Bank Limited, Enterprise Bank Limited and

Keystone Bank Limited.

The other banks not included on this list, such as Citibank Nigeria, Stanbic IBTC Bank Plc, Rand Merchant Bank, Guaranty Trust Bank Plc, Zenith Bank Plc, Standard and Union Bank of Nigeria Plc, are not “high risk banks,”

a source said yesterday.

The CBN official, however, added that this did not mean that they were healthier or better than that those termed “high risk”.

Risk-based supervision is a structured approach, which focuses on risk pro-

file of banks as opposed to the age-long compliancebased supervision mechanism and regulatory approach (one size fits all), whose level of supervision is the same for all banks irrespective of the size and the type of risk they take.

Whereas, under risk-

based supervision, which was first implemented in 2006 after the first phase of the banking sector reform that led to the emergence of 25 consolidated banks, out of the 89 banks, level of supervision depends on banks’ risk appetite, CONTINUED ON PAGE 3

PDP, Oshiomhole bicker over Edo Assembly crisis Onyekachi Eze and Cajetan Mmuta

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he Peoples Democratic Party (PDP) and Edo State Governor, Mr. Adams Oshiomhole, yesterday engaged in altercation over the crisis rocking the state legislature.

The PDP accused the

16 years after Abiola’s death }13-17

governor of sponsoring the crisis to prevent an impending probe into his management of public funds.

But in a quick rebuttal, Oshiomhole dismissed the allegation, which he described as “fabricated tales from the moonlight.”

The state legislature has been plunged into a crisis as fallout of the upheaval in the ruling All Progressives Congress (APC) that made some lawmakers to defect to the PDP. CONTINUED ON PAGE 2

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L-R: Kenyan President Uhuru Kenyatta; Chairman, Heirs Holdings, Mr. Tony Elumelu and Permanent Secretary, Rwanda Ministry of Trade and Industry, ​Mr. Emmanuel Hategeka, during the formal launch of the East Africa Exchange (EAX) in Kigali, Rwanda...at the weekend

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PDP, Oshiomhole exchange brickbats over Edo Assembly crisis CONTINUED FROM PAGE 1

Four of the lawmakers, including the Deputy Speaker, Festus Ebea, who was removed last Thursday at a sitting of the legislature at the old chamber, located in the Government House, Benin, have been suspended.

But reacting to the swirling crisis in the state legislature, the PDP, in a statement by its National Publicity Secretary, Mr. Olisa Metuh, asked Nigerians to hold the governor responsible in the case of any breakdown of law and order in the state.

The party attributed the crisis to an alleged attempt by the governor to block the legislature from inquiring into his “financial recklessness.”

It further accused Oshiomhole of “stirring up the political crisis in Edo State to prevent an official investigation into findings that he has been squandering the state’s resources, including huge levies and taxes to finance his campaign for vice-presidency instead of settling down to develop the state.”

The party alleged that the governor was embittered by the defection of his aides, top government functionaries, legislators and influential APC lead-

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ers to PDP. “Having lost the confidence and support of the people due to his despotic, anti-people and undemocratic tendencies, coupled with his colossal adminis-

trative failures, Governor Oshiomhole has resorted to violence and blackmail to intimidate and subdue them in line with the agenda of his party, the APC. “The fact that Edo is

home to the PDP has never been in doubt. In fact, what is happening in Edo State is clearly a case of water finding its level”, the statement added.

According to the party,

the crisis was instigated to disorganise and compromise the legislature.

The party said nobody would have prompted the relocation of the state legCONTINUED ON PAGE 4

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L-R: Winner of the fifth Wole Soyinka Prize for Literature in Africa, Akin Bello; Nobel Laureate, Professor Wole Soyinka; Chairperson, Lumina Foundation, Mrs. Francesca Emmanuel; a runner-up, Mr. Othuke Ominibohs and Head, Dealers’ Incentives, Globacom, Mrs. Titi Ebinisi, at the grand finale of the competition, sponsored by Globacom, in Lagos...at the weekend.

PHOTO: Tony Eguaye

Nyako declares work-free days to stall impeachment CONTINUED FROM PAGE 1

Besides, it was learnt that major stakeholders in the Peoples Democratic Party (PDP) in the state had changed their position on the impeachment of Ngilari as they met on Saturday in Abuja with a view to finding how to ensure that the lawmakers would not remove him along with Nyako.

After two meetings, one at the home of PDP former National Chairman, Alhaji Bamanga Tukur and President Goodluck Jonathan’s former Special Adviser on Political Matters, Alhaji Ahmed Gulak, all in Abuja, the party chiefs settled for a former Chairman of Girei Local Government Area, Alhaji Abubakar Hamma, as the next deputy governor.

New Telegraph gathered that the declaration of the two-day public holiday was prompted by controversy over when the tenure of Justice Mammadi tenure as acting chief judge will expire.

While the state government claimed that his tenure expired yesterday, others said it would lapse today.

However, a source said the government, in a bid not to leave anything to chances, decided to declare the two-day public holiday so that by the time workers resume on Wednesday, Justice Mammadi would not be in a position to inaugurate the panel.

Another source said the government’s action might not affect the inauguration of the panel as a notary public could do so, if there is no immediate replacement for Justice Mammadi by Wednesday.

Explaining its action, the state government said in a statement that it declared the two-day public holiday to enable the people to reflect on the current happenings in the country and to use the period to offer special prayers for peace in the state and the country.

It added that “the period is to also allow Adamawa workers reflect on their current challenges. It is also a thanksgiving period for citizens to appreciate God’s protection despite all the challenges.”

The declaration however attracted criticisms from a cross-section of the people as some said it was a political calculation by the governor’s camp to prevent Justice Mammadi from inaugurating the panel.

But a lawyer, Mr. Joshua Sunday Wugira, said the decision of the state government would not affect the inauguration of the investigative panel as the extension of the tenure of the acting CJ was the exclusive reserve of the National Judicial Council (NJC).

The state Secretary of the PDP, Mr. A.T. Shehu, also said once the com-

mittee had been set up, any high court judge or notary public could inaugurate it.

However, in a bid to save Ngilari from being impeached along with Nyako, PDP chieftains and other stakeholders who had initially supported the impeachment of the duo made efforts at the weekend to ensure that the deputy, who refused to join Nyako to defect to the All Progressives Congress (APC), escaped the impeachment.

Investigations showed that major stakeholders in the state chapter of PDP had relocated to Abuja to brainstorm on how to save Ngilari, who as the highest political officeholder from PDP in the state, is the party’s leader.

A source confided in New Telegraph that the new position of the party leader to ensure the retention of Ngilari, was “at the behest of the presidency which gave the stakeholders marching orders to exonerate the deputy governor from the allegations due to pressure mounted on the presidency by a powerful religious group.’’

He added that the game plan was for the lawmakers to clear Ngilari, while considering the probe panel report and to impeach only Nyako.

“Following the intervention of the presidency, there were high meetings of the Adamawa stakeholders residing in

Abuja, which took place at Bamanga Tukur’s residence and that of Alhaji Ahmed Ali Gulak respectively.

“During the first meeting, which took place at the Bamanga Tukur’s residence, the stakeholders could not agree on who should be the deputy governor if Ngilari is impeached because Tukur insisted on the emergence of his eldest son, Awwal D. Tukur,’’ another source said.

According to him, the meeting, which held on Saturday, ended in a stalemate, prompting the stakeholders to reconvene on the same day at the home of Gulak.

At the reconvened meeting, the party chiefs finally settled for Hamma as the next deputy governor after Nyako might have been impeached and Ngilari is made to succeed him, in line with the provisions of the 1999 Constitution.

The source said the acceptance of Hamma’s candidacy was because he was nominated to the post by a former Minister of Petroleum Resources, Professor Jibril Aminu.

It was however learnt that the state judiciary is in a fix over who will inaugurate the probe panel as the tenure of Justice Mammadi, who was said to have been forced at gunpoint to constitute the seven-man investigative comCONTINUED ON PAGE 3

MEDVIEW AIRLINES LAGOS-ABUJA (MON-FRI) 07:00; 08:50; 12:00; 15:30 (SAT) 10:00; 15:00 (SUN) 17:30; 18:30 ABUJA-LAGOS (MON-FRI) 09:00; 14:00, 15:00; 18:30 OVERLAND AIRWAYS LAGOS-ILORIN (MON-FRI) 07:15 LAGOS-IBADAN (MON-FRI) 7:00 IBADAN-ABUJA (MON-FRI) 08:00 IBADAN-LAGOS (MON-FRI) 16:30 ILORIN –ABUJA (MON-FRI) 08:30 ILORIN –LAGOS (MON-FRI) 17:00 ABUJA-ASABA (MON-FRI) 10:00 ASABA-ABUJA (MON-FRI) 14:15 ASABA-LAGOS (MON-FRI) 11:30 LAGOS-ASABA (MON-FRI) 13:00 ABUJA-ILORIN 16:00 ABUJA-IBADAN 15:00 ARIK AIR LAGOS-ABUJA (MON-FRI) 07:00; 08:00; 09:00; 11:00 13:00; 15:00; 17:00; 19:00 (SAT) 07:00; 09:00; 11:00; 13:00; 15:00; 17:00; 19:00 (SUN) 11:00; 13:00; 15:00; 17:00; 19:00 ABUJA-LAGOS (MON-FRI) 07:00; 09:00; 11:00; 13:00; 15:00; 17:00; 19:00; 20:00 (SAT) 07:00; 09:00; 11:00; 13:00; 15:00; 17:00; 19:00 (SUN) 09:00; 13:00; 15:00; 17:00; 19:00 LAGOS-PORT-HARCOURT (MON-FRI) 07:00; 09:30; 11:00; 13:30; 15:00; 17:30 (SAT) 07:00; 11:00; 15:00 (SUN) 09:30; 11:00; 13:30; 15:00; 17:30 PORT-HARCOURT-LAGOS (MON-FRI) 07:30; 09:00; 11:30; 13:00; 15:30; 17:00 (SAT) 07:30; 11:30; 09:00; 13:00; 17:00 (SUN) 11:30; 13:00; 15:30; 17:00 ABUJA-PORT-HARCOURT (MON-FRI) 06:45; 10:10; 13:30; 16:50 (SAT/SUN) 06:45; 10:10; 13:30 PORT-HARCOURT-ABUJA (MON-FRI) 08:30; 11:50; 15:10; 18:30 (SAT/SUN) 08:30; 11:50; 15:10

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FG plans access fees to view television content

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he Federal Government is to introduce content access fees to replace radio licence fees ahead of Nigeria’s migration to digital terrestrial television broadcasting by 2015.

Minister of Information, Labaran Maku, said

at the opening of the extra ordinary meeting of the National Council of Information in Abuja at the weekend that the planned content access fee, which would be paid by Nigerians seeking access to television content, and was currently undergoing

Nyako declares work-free days to stall impeachment CONTINUED FROM PAGE 2

mittee expired yesterday.

Reacting to the allegation that the PDP is shopping for another judge to do so, Sajo said Justice Mammadi could only inaugurate the panel in breach of the constitution as his tenure had expired yesterday.

According to sources, it was the fear that the impeachment process might be stymied by the expiration of the tenure of Justice Mammadi that prompted forces behind the impeachment process to put him under duress to raise the seven-man probe panel last week.

A source said: “The suspicion of presidency’s involvement was fuelled by the no love lost relationship between President Goodluck Jonathan and Governor Murtala Nyako, which reached a head when Nyako sent a memo to Northern governors in which he accused Jonathan of carrying out genocide against Northerners.

“Since then, President Goodluck Jonathan was said to be hell bent on

teaching Governor Nyako a bitter lesson of his life as the memo has subjected the presidency to embarrassment and international ridicule,” a former APC North-East National Vice Chairman, Dr Umar Duhu, said.

A source at the Adamawa State High Court confirmed to reporters that the chief judge was made to constitute the panel at gunpoint.

The source added that some soldiers had been drafted to the official quarters of the acting CJ to monitor his movements.

“Soldiers in uniform and mufti were stationed around his house to keep a close watch on the movements of the acting chief judge,” he stated.

During a visit to the chief judge’s quarter, a soldier, armed with an AK47 assault rifle, was seen on surveillance.

Efforts to speak with the chief judge, the Chief Registrar of the High Court, Alhaji Abubakar Babayola and the Army Public Relations Officer of the 23rd Army Brigade, Captain Nuhu , were unsuccessful.

final adjustments, was expected to get the nod of the Federal Executive Council before the migration.

He added that government and other stakeholders would leverage on the new technology to make the new format more effective than the archaic radio licence fees format.

“For a long time radio licences have not been collected and in other countries the public broadcast services are run from fees collected on broadcast content.

“But unfortunately in our country, the existing constitutional provision has made fee collection less effective.

“Now, we are undertaking a new format. We are taking advantage of the digital technology and

looking beyond sending people to go from place to place to collect fees for broadcast content,” a report by the News Agency of Nigeria (NAN) quoted him as saying.

According to him, under this new regime, for anyone to have access to television content you have to pay an annual content access fee which is set to be operational.

The minister outlined some of the advantages of the new broadcast content fee collection regime to include, improved financial capability for stakeholders to improve content and upgrade infrastructure.

He said this would help the Nigeria Broadcasting Commission (NBC) and other stakeholders have

access to adequate funds for sustained upgrade of their infrastructure for effective service delivery.

On the NCI meeting, Maku said Nigeria was at crossroads to either transit smoothly or risk being cut-off from the rest of the world by June 2015 when the global migration deadline takes effect.

He stressed the need for improved coordination and cooperation among stakeholders to ensure that Nigeria joined the rest of the world in the new digital era.

“We are here because we are approaching the deadline and Nigeria must transit.

“We must do everything possible, we must work 24 hours to ensure that our country is not

cut-off from the rest of the world,’’ he said.

The minister, who acknowledged that the process of migration was not an easy one, however, noted that the advantages far outweighed the disadvantages.

While stressing the need for a robust public sensitisation ahead of the deadline, Maku urged the NBC, state governments and private broadcast stations to work together to ensure a smooth transition for the country.

Earlier, Head of the Digiteam (Federal Government’s Committee on Digitisation), Edward Amana, had emphasised the need for the training of the manpower that would drive the process effectively.

L-R: Chief of Civil-Military Affairs, Maj. Gen. Alphonsus Chukwu; Chief of Policy and Planning, Nigerian Navy, Rear Admiral Ikioda Ameen; Chief of Army Staff, Lt.-Gen. Kenneth Minimah and his wife, Felly, at the Army Day’s inter-denominational church service in Abuja …yesterday

CBN begins assessment of 14 ‘high risk’ banks CONTINUED FROM PAGE 1

size and their complexity.

This process seeks to encourage banks to develop and continuously update their internal management system to ensure that they are commensurate with the scope and complexity of its operations.

This model of supervision was necessitated by the fact that the 25 banks in 2006, after achieving the N25 billion, will have to go into many areas of businesses with a view to making more profit and such businesses come with various risks.

The scrutiny of the books of the 14 banks, which is part of the CBN’s routine examination that is conducted once a year in collaboration with the Nigeria Deposit Insurance Corporation (NDIC), en-

tails examination of their loans, especially those that are not performing.

Justifying the rationale for the exercise, a top CBN official said: “We know that banks are in the business of risk taking, but such risks must be effectively managed. Indeed, the banking environment that has emerged after the consolidation exercise has shown that\ it cannot be business as usual for our banks.

“A bank’s ability to comprehensively identify, measure, monitor and control the risks associated with its businesses will be a decisive parameter for its strategic positioning. The failure of banks to effectively manage their risks will expose them not only to losses but threaten their survival as business entities and this invariably en-

dangers the stability of the entire financial system.”

The planned assessment of the risk profile of the banks came as it emerged yesterday that 13 Nigerian banks, for the second consecutive year, made The Banker magazine’s list of “Top 1,000 World Banks” in its 2014 ranking.

Also, banks in the world for the first time since the global financial crisis, returned profit of $920 billion, which is 23 per cent more than their previous peak of $786 billion achieved in 2007 before the financial crisis.

The ranking, which was carried out by The Banker magazine of the Financial Times Group, listed the Nigerian banks that made the rating based on Tier-1 capital to include Zenith Bank, Guaranty Trust

Bank, First Bank, Access Bank, United Bank for Africa, Fidelity Bank and Ecobank Nigeria.

Others, according to a statement by The Banker’s Country Representative, Nigeria, Mr. Kunle Ogedengbe, are Skye Bank, First City Monument Bank, Diamond Bank, Stanbic IBTC Holdings, Standard Chartered Bank Nigeria and Union Bank of Nigeria.

Zenith Bank is ranked top in Nigeria at 293 position with Guaranty Trust coming behind at 415 position, First Bank, 424; Access Bank, 532; United Bank for Africa, 539 and Fidelity 622.

The magazine noted that profit on capital of three Nigerian banks that are not foreign-owned subsidiaries increased.

These are First Bank

that had its profit on capital increase to 25.32 per cent from 25.13 per cent; Access Bank from 21.19 per cent to 21.24 per cent and First City Monument Bank 15.77 per cent from 15.07 per cent.

Of the 25 top banks in Africa from the ranking, the highest of eight is from Nigeria, the largest economy on the continent while the United Bank for Africa is the only Nigerian bank in the top 10 highest movers in Africa.

In all, Africa has 31 banks in the Top 1,000 World Banks 2014 with Nigeria having 13 representing 41.94 per cent.

The 31 African banks in the ranking are from nine countries: Nigeria, South Africa, Egypt, Angola, Gabon, Kenya, Mauritius, Morocco and Togo.

Globally, Senior Editor

of the magazine, Philip Alexander stressed that banks in this 2014 ranking “are stronger than ever” as “the level of capital held by banks in this ranking continues to accelerate, with the minimum Tier 1 capital required to enter the Top 1,000 World Banks now fast approaching $400million. This has almost doubled since the 2005 ranking.”

Editor of the magazine, Mr. Brain Caplen, said the 23 per cent increase in profit of global banks from 2007 “is a good news but the better news is that capital has also increased at a reasonable pace whereas assets have stayed flat.

This means that returns on capital are only slightly improved but the hope is that this upturn is more sustainable than the last one.”

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Boko Haram: Chibok community to approach UN for assistance Johnchuks Onuanyim Abuja

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he embattled Chibok community in Borno State may seek assistance from the United Nations against the Boko Haram insurgents, the Kibaku Area Development Association (KADA) Chairman, Dr. Pogus Bitrus, has said.

Chibok community where over 200 schoolgirls were abducted on April 14 was first attacked by Boko Haram on April 14, 2012, with six deaths recorded.

Since then, the community has witnessed 16 other attacks with 229 deaths allegedly recorded and 70 other persons injured.

There has been a concern internationally and nationally over the abduction of the pupils by Boko Haram and the inability of governments to secure their release.

Bitrus, who said life in Chibok was becoming unbearable due to lack of amenities and incessant attacks by Boko Haram insurgents, said in Abuja that the community might

be forced to call on the United Nations for assistance.

He added that their action would be anchored on the report issued on January 12, 2009 by UN Secretary General, Ban Kid-Moon, titled the Responsibility to Protect (R2P anchored on three pillars.

According to him, the three pillars are: “A state has the primary responsibility to protect its population from genocide, war crimes and ethnic cleansing and crimes against hu-

manity; the international community has a responsibility to help states build capacity to protect their population from genocide, war crimes and ethnic cleansing and crimes against humanity and help those under stress before crises and conflicts breakout; and responsibility of the international community to act in a timely and decisive way to prevent and halt genocide, war crimes and ethnic cleansing and crimes against humanity when a state fails to protect its population.”

L-R: Zonal Director, Nigerian Television Authority (NTA), Ibadan, Mr. Niyi Oyeleye; Commissioner of Police, Mr. Muhammed Ndabawa and Oyo State Governor, Senator Abiola Ajimobi, at the first Arisekola-Alao Memorial Lecture organised by NTA, Ibadan…at the weekend

“Today is 81 days since the abduction and in spite of the categorical statements by the Chief of Defence Staff (CDS) that the location of the girls is known to the government, the appalling situation and agony encompassing the unfortunate abduction saga and detention of the Chibok girls by the Boko Haram insurgents continue and the rescue efforts by the government are yet to yield any result.

“Failure and/or inability of the Federal Government to provide adequate security in the area despite this real and present danger have further exposed Chibok town and its environs to greater danger and insecurity.

“Security and defence is mainly provided by the local vigilante (who are all equipped) and the police while the soldiers in Chibok sit by and watch villagers being helplessly massacred in their homes, farms and in places of worship.

“Worthy of note is the fact that 90 per cent of the attacks were carried out after Boko Haram would have given advanced notice to the residents.

Despite the fact that the community had reported to the relevant security agencies concerned, no action was taken to avert any of the attacks or even respond during the attacks.

“As a matter of urgency, we wish to alert the general public and the international community that after the attack on villages of Kautikari, Nguradina, Kwada/Kaumutayahi and Kakulmari on Sunday, June 29, 2014, which recorded 105 deaths, the residents of Kautikari have received what the Boko Haram sect termed final notice to attack Kautikari again by advising residents to vacate the village or face total annihilation on their next attack which has been promptly reported to the security agencies.

“There is also a looming famine in the Chibok (Kibaku) nation and environs as a result of the terrorists’ activities and other social/medical challenges due the overcrowding of Chibok town by the mass influx of people from adjoining villages and local government areas.

“With this development, the Chibok (Kibaku) nation wishes to categorically state that the inability or unwillingness of the Federal Government to provide adequate security to Chibok (Kibaku) nation following the abduction of the girls leaves us with no option than to call on the United Nations to use its apparatus to come to our aid and protect us from the imminent annihilation as a people,” he said.

PDP, Oshiomhole exchange brickbats over Edo Assembly crisis CONTINUED FROM PAGE 2

islature to the governor’s office if it were not a calculated plot to intimidate and compromise the lawmakers and prevent them from carrying out their constitutional duties of checking the excesses of the executive.

“We however wish to inform the Edo State governor and the APC that their machinations will lead them to nowhere.

They must understand that they have not only failed the people but have also betrayed them. The people of Edo State are no fools and cannot continue to stay under an administration that has no regard for them.

“Nobody wants to continue to support a fascist regime that has shown untold penchant for oppression and brutality; a despotic system that continues to impose multiple taxes and levies on the people to promote parochial interests and exercises its whims with reckless abandon.

“The APC and its gov-

ernment in Edo State have since disconnected from the people. They have refused to be accountable and that is why the people have abandoned them for the PDP where they found a level playing ground to canvass and fully realise their aspirations and yearnings as a people and individuals.

“The macabre dance playing out in the Edo Assembly is an expression of defeatism or rather a terminal symptom of a decadent regime, so afraid that in the circumstances of unrestrained freedom, its hackneyed popularity in Edo will collapse,” the party stated.

But Oshiomhole fired back, saying PDP was engaging in propaganda.

The governor, in a statement by his Special Assistant on Media and Publicity, Prince Kassim Afegbua, described the crisis in the state legislature as a product of PDP’s desperation.

He said: “The crisis in Edo Assembly is a product of PDP’s desperation for power in its attempt to capture anything in sight like a bunch of famished

baboons.

“It is the same theatre of desperation that is pervading the entire political landscape as a consequence of PDP’s show of raw power.

We find it laughable that Olisa Metuh who is reputed to be a propagandist and who had earlier lied against the Comrade Governor has come up again to embark on another tale of the absurd.

“Comrade Oshiomhole’s record of performance in Edo State has since become a reference point in the history of performance and good governance in Nigeria. His tremendous achievements across the state could only have been possible through prudent and transparent management of resources, especially in a state that was run aground by the PDP for 10 solid but sordid years. Reminding Edo people of those forgone years of the locust is to insult the collective sensibilities of the people.

“We are not aware that the Comrade Governor ever sought to contest for vice-president of the coun-

try. In fact, we would have loved a situation where he would run for president of the country to take us away from this regime of tactlessness that has almost earned Nigeria a failed state status. Under the constitution of Nigeria, the Edo governor has all it takes to contest for any office in the land.”

Oshiomhole disputed allegations of mismanaging public funds, adding that he is not afraid of being probed.

“The four members of the Edo State Assembly who tried to usurp the powers of the House only got a teaser of what they bargained for. To play around with a governor that was popularly elected by the people in the state meant that they will incur the wrath of the people. The oversight function of the Assembly is not in doubt, and as a responsible, prudent and transparent government, our books are open for public scrutiny all the time.”

Meanwhile, Ebea yesterday accused the APC lawmakers, led by the Speaker,

Uyi Igbe, of planning to cripple proceedings in the legislature.

He vowed to lead PDP lawmakers for a plenary session today because the APC lawmakers had decided not to hold plenary sessions at the main chamber any longer, but to continue sitting in the Government House.

But Igbe warned the PDP lawmakers to desist from holding their proposed plenary session at the complex and threatened to stop the opposition group from sitting.

He said: “We are telling them it is not possible for them to attempt to sit.

We will rise against it and defend ourselves without our security. Our blood will spill on this matter because we know we are right. They have threatened to kill me and Monday will be the right time.”

As the crisis in the state legislature festers, a human rights activist and chairman of One Love Family and Caring Association, Chief Patrick Eholor, has filed a suit against Igbe and 23 other lawmakers at the

High Court sitting in Benin City for refusal to hold sittings and perform their legislative duties since June 9.

Eholor is also seeking a declaration that the sitting of the lawmakers at the Government House on July 2, or other such sittings amount to a breach of the 1999 Constitution on the principles of separation of power.

In the suit, dated July 4, filed by his counsel, T.A Akahomen, Eholor is praying the court to direct the lawmakers to refund all financial benefits they may have received from the state accountant-general and commissioner of finance from the day they abandoned their responsibilities as members of the assembly to the coffers of the Edo State Government.

He prayed the court to compel the accountantgeneral and commissioner of finance to suspend any financial benefits or entitlements, including constituency allowances due to the lawmakers until they resume their duties as members of the Edo State House of Assembly.

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Monday, July 7, 2014

Confab: CNPP urges delegates to shun sectional interests Leo Sobechi

arely ten days to the end of the national conference, the Conference of Nigeria Political Parties (CNPP) has tasked delegates to rise above regional, sectional and primordial interests and place premium on the country’s fledgling democracy.

In a statement signed by its acting National Publicity Secretary, Mr. Austin Ibok, CNPP pleaded with “the Chairman, Hon. Justice Legbo Kutigi, and the entire membership of the

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conference to place the interest of the country and our fledgling democracy in the front burner, above regional, sectional and primordial interests.”

“We are making this appeal, because instead of healing the old wounds and uniting our dear country; the divisive reports, discordant voices, and sectional drum of ethnic and religious jingoists emanating from the national conference are antithetical to the 2015 general elections and indeed the primary objective of the conference,” the statement added.

While the CNPP said it had earlier dismissed the national conference “as untimely, diversionary and utter distraction;” the statement noted: “We reasoned that President Goodluck Jonathan, early in his regime, had the golden opportunity to harvest the two third majority his party, the Peoples Democratic Party (PDP) had in the national and state assemblies to amend the constitution in whatever fashion he deemed fit; but he failed to do this.

“Secondly, that the managers of Mr. President may

have deliberately convened the national conference to divert attention from the 2015 general elections, playing the primary role of elections in liberal democracies; which is the rating of the performance of incumbents.

“Thirdly, that on the eve of the 2015 general elections, that the golden opportunity of the two major political parties, the PDP and APC and other satellite political parties to showcase their manifestoes will be over shadowed by the drums of ethnic and religious

jingoists. Today a lot of people still think that all the political parties have the same manifesto, some are a little to right and some a little to the left.”

The group remarked that it was to avoid the to-

tal failure of the national conference that “we call on the leadership of the conference to thrash out issues amicably in the last remaining days in order to avoid throwing away the baby with the bathwater.”

FIRS probes steel firm over tax default Abdulwahab Isa Abuja

T

he tax enforcement team of the Federal Inland Revenue Service (FIRS) has moved to the premises of Parco Enterprises Nigeria Limited, a Lagos-based steel firm, over tax default.

Sequel to the deployment of FIRS enforcement team to the company’s premises, the steel firm was said to have refused to open its books and providing information that would aid FIRS officials conduct a tax audit on the firm.

Explaining the rationale for its action, FIRS said it commenced investigation in the company via a letter dated 22 April, 2014, requesting for a pre-audit meeting which was held on April 30, 2014 while further requests to the firm to provide accounting and other business records in June, were not granted.

FIRS in a statement issued at the weekend, said it was able to identify Parco as one of the tax defaulters through its latest audit tool, which provided the basis for its team to carry out enforcement on the company a little over a week ago.

“In line with its statutory mandate and the provisions of Sections 58 and 60 of the Companies Income Tax Act (Cap. 21 LFN 2004) and Sections 26 and 27 of the Federal Inland Revenue Service (Establishment) Act 2007 (FIRSEA), FIRS commenced investigation via a letter dated 22 April 2014 requesting for a pre-audit meeting which, held on April 30, 2014.

“One of such audit tools is the risk engine tool for identification of tax evaders or non-compliant taxpayers. Companies flagged by such tools are either subject to tax audit or tax investigation."

Auta, Chike-Obi for NAJUC seminar hief Judge of the FedCJustice eral High Court (FHC), Ibrahim Auta, and L-R: Kaduna State Governor, Alhaji Mukthar Ramalan Yero; Vice-President Namadi Sambo; Chief of Defence Staff, Air Chief Marshal Alex Badeh and Minister of State for Defence, Musiliu Obanikoro, during the commissioning of water treatment plant at Kargo Dam in Kaduna…at the weekend

‘We don't want more states'

PDP tasks members on voters’ cards

Onwuka Nzeshi

Biodun Oyeleye

ABUJA

coalition of youth deleAference gates to the national conyesterday rejected the recommendation of the conference on the creation of 18 more states.

In a joint statement issued over at the weekend, the delegates - Hassan Rilwan, Yadomah Bukar Mandara and Nnaemeka Ikegwuonu, said: “The Nigeria of our dream is not Nigeria with more states, but a Nigeria in good state.”

They said it was embarrassing to the youth, when the conference approved the recommendation on state creation.

“What is happening in Nigeria? We understand the issues of marginalisation; we support innovative ways of solving it. Not creating more problems to solve a problem. Does state creation solve the issues of maginalization? What happens when others feel marginalised within the new states? Are we going to have to create even more states?

“Except we want to create states out of the over 300 ethnic groups in Nigeria, state creation as a solution is a shortcut, which is usually our way in Nigeria.

The only reason the elite may want more states is to increase access to power. If that’s the case, then rotation along senatorial zones with states and local governments would have solved that.

“What will solve marginalisation are responsible leaders, who will take special interest in the affairs of the minorities to see that they are adequately catered for. How did the late Sardauna, Alhaji Ahmadu Bello, of blessed memory lead northern Nigeria as a whole? He did it by making sure all had a sense of belonging, which made late Sunday Awoniyi, a Yoruba and Christian in the north to respect him till he died."

“On one hand, we say we want to reduce cost of governance and on another, we want to build 18 more government houses, create 18 more recurrent expenditure centres?

Ilorin

embers of the PeoM ples Democratic Party (PDP) in Kwara State have been tasked to take the forthcoming distribution of Permanent Voters’ Cards (PVC) and Continuous Voters’ Registration (CVR) by the Independent National Electoral Commission (INEC) with commitment and dedication.

According to the PDP Chairman in the state, Akogun Iyiola Oyedepo, the programme is pivotal to the expected electoral success of the party in the 2015 elections.

Oyedepo, who gave the charge at the opening of a one-day retreat for party members said he was confident that given the influx of people into the party in the last few months, he was optimistic the party would emerge victorious in the 2015 general elections.

He said: “The first assignment arising from

this retreat is the INEC programme of PVC and CVR; while PVC commences on the 18th of July to 20th of July, CVR is from 24th day of July to 29th July 2014. Both are very important to the winning of elections in 2015.

“If you participated in the last voters’ registration exercise, what you hold is just a temporary voter card, which INEC now wants to exchange for new and permanent one.

the Managing Director of Assets Management Corporation of Nigeria (AMCON), Mustafa ChikeObi, are among dignitaries expected to grace the 2014 annual workshop of the National Association of Judicial Correspondents (NAJUC), Lagos State chapter.

A statement jointly issued yesterday by Chairman and Secretary of the association, Tunde Opeseitan and Olugbenga Soyele respectively, said the two-day event will start on Thursday, July 10, 2014 with free medical check-up and discussion on healthy living for NAJUC members at the Press Centre of the Lagos High Court, Igbosere.

The statement added that the main seminar will

take place on Friday, July 11, 2014 at the Function Room of Muson Centre, Ikoyi in Lagos, by 10.00am prompt.

According to the statement, the Director of the Lagos Multi-Door CourtHouse, Caroline Etuk, will be on hand to lecture NAJUC members on Alternative Dispute Resolution (ADR) and its branches, while a Senior Advocate of Nigeria (SAN), Chief Godwin Obla, will speak on “Prosecutorial Powers: Limits, Challenges And The Role Of The Media.”

Also, the AMCON managing director will educate judicial correspondents on the law governing the operations of the agency.

Another senior advocate, who also doubled as NAJUC Patron, Chief Felix Fagbohungbe, will serve as the special guest at the workshop.

Rivers accuses cooperative societies of not operating according to law Joe Ezuma

Port Harcourt

ivers State government Rcooperative yesterday accused some societies and

unions registered in the state of engaging in acts that are detrimental to the laws guiding the operation of such societies.

Director of Cooperatives in the Ministry of Commerce and Industry,

Mrs. Ima Otu, disclosed this in Port Harcourt, while speaking at the 20th United Nations International Day of Cooperatives, organised by the Rivers Cooperatives’ Federation.

“Some cooperative societies don’t run as they claim. They deceive people to register with them. Most of the cooperative societies go about their businesses anyhow, not following the

rules and laws guiding cooperative societies,” Otu said.

She said the cooperative sector is worldwide, providing millions of jobs around the globe in areas such as agriculture, housing, health, small and medium scale industrialisation, adding that cooperatives develop individual participation and can build personal self-confidence and resilience.

NEWS

Sanctity of Truth

Monday, July 7, 2014

2015: New Generation backs Saraki for presidency Yekeen Nurudeen Abuja

youth group within ACongress the All Progressives (APC), the

New Generation Nigeria, has called on the former Governor of Kwara State, Senator Bukola Saraki to run for the next presidential election on the platform of APC. The group described the former governor as a credible alternative.

The group, which lamented that Nigeria at 54, has not fulfilled its potentials and aspirations of its founding fathers, insisted that the time has come for generational change for seasoned and trusted politician like the former Governor of Kwara State to rule the nation.

According to a statement issued in Abuja, yesterday, by the President, General Secretary and Publicity Secretary, Alhaji Musa Abdulkadir,.

Otunba Philip Coker and Chief Victor Anyanwu respectively, the group described Saraki as the bridge between the young and old generation.

It argued that the time has come for generational change in the Nigerian political landscape, adding that Saraki is close to the youth.

The group said, Saraki, having been governor for eight years and now a serving Senator, has both legislative and executive experience, noting that he has the quality needed dearly in the attainment of good governance.

Reps hail TAC as Nigeria reactivates technical aid corps with Jamaica Philip Nyam Abuja

House of RepresenTthehetatives has commended efforts of the Depart-

ment of Technical Aid Corps (TAC) and the Ministry of Foreign Affairs in ensuring the reactivation of the Technical Aid Corps programme between Nigeria and Jamaica after over ten years of the suspension of the pact.

Chairman of the House committee on Foreign Affairs, Hon. Nnenna Ukeje-Elendu, gave the commendation at a meeting with the Director General of the Department of Technical Aid Corps (DTAC), Dr. Pius Olakunle Osu-

nyikanmi.

Ukeje said the House was impressed with the transformation at DTAC in the last few years, expressing satisfaction with the leadership of the director general, who according to her, has changed the face of the agency.

She traced the historical bond of brotherly friendship between Nigeria and Jamaica and reiterated the importance attached by both countries to the need to further strengthen the relationship.

The committee noted that Jamaica was a very important country with which Nigeria needs to share cooperation within the area of energy, trade, banking and tourism.

7

NCAA to destroy masts, obstacles on flight paths illegal

All obstacles in the air that pose danger to aircraft will soon give way Wole Shadare

T

o ensure that there are no obstacles on air path, the Nigerian Civil Aviation Authority (NCAA) said it would destroy all unauthorized high rise structures dotting flight paths. The structures include telecommunications masts, towers and high rise buildings built without obtaining aviation height clearance.

The aviation regulatory body said it is embarking on this exercise to ensure the safety of all

N1.93bn

aircraft on approach to land at the nation’s various airports, stressing that some of these structures had been found to be constituting major obstacles to approach and descent to the airports for air carriers.

To prevent any untoward consequences, the regulatory authority has appointed Messrs Noon Mast Ventures Nig. Ltd to commence a nationwide identification of such facilities and pull down all such illegal structures within the airport environment and along the flight paths.

According to NCAA’s regulation, those who are compelled by whatever reason to erect a mast or high rise structure within the airport environment and along flight paths are required to contact

The internally generated revenue realized from PAYE (taxes) of Borno State in 2011.

Source: National Bureau of Statistics

NCAA to obtain the appropriate aviation height clearance.

In the same vein, the International Civil Aviation Organisation (ICAO) describes as obstacle as any communications structure, building or other structure, whether temporary or permanent, which has the potential to endanger aviation in navigable airspace, or has the potential to interfere with the operation of navigation or surveillance systems or Instrument Landing Systems (ILS), including meteorological systems for aeronautical purposes.

It urged civil aviation authorities of member states to tackle such obstacles to ensure air safety. Spokesman for the agency, Fan Ndubuoke,

5-30%

The percentage of electricity costs of total operating cost of water and wastewater utilities in developing countries.

Source: Unesco.org

said once this request is made, the department in charge would proceed for inspection and give approval for an allowable safety height or advise to relocate the structure entirely where applicable.

Ndubuoke disclosed that the firm had been mandated to embark on country-wide surveillance, demand for NCAA certificate of clearance as a condition for verification from owners of existing structures and where this is nonexistent they will be pulled down instantly.

According to him, “While owners are advised to cooperate with them, it is important to note that all violators will bear the cost of pulling down the structure if the need arises”.

324,776

The total number of internet users in Republic of Cyprus in 2007.

Source: Blatantworld.com

Ex-Akwa Ibom SSG reports Akpabio to NHRC Tunde Oyesina Abuja

former Secretary to the AIbom Government of AkwaState and governor-

ship aspirant in the 2015 governorship elections in the state, Umanna Okon Umana, has dragged Governor Godswill Akpabio to the National Human Rights Commission (NHRC) over allegations of assassinations and kidnapping of his political associates.

In a petition to the Commission, Umanna through his Counsel, Uzoma Ibegbulem, said that the petition had become necessary to stave off the impending breaches of his client's human rights and/or assassinations of perceived political opponents of Akpabio.

He added that there is reasonable cause for the intervention of the Com-

mission just as he highlighted incidents of the said assassinations for the intervention of the Commission.

But the Akwa Ibom State Commissioner for Information, Mr. Aniekan Umanah, described the petition as baseless, insisting that all Umana wrote in the petition were what he “defended while he was in office. We are aware of the petition”.

Ibegbulem alleged that "Chief Sunny Udom, the Director-General of the leading governorship aspirant in Akwa-Ibom State, Umana Okon Umuna was recently the target of political assassination in his office. He held a press conference on Thursday May 8th , 2014 in which he highlighted the fact that one of the assassins lost a finger in the process of indiscriminate gun shots."

L-R: Former President, Nigeria Stock Exchange (NSE), Raymond Obieri; Managing Director/CEO, Fidelity Bank Plc; Nnamdi Okonkwo and former Anambra State Governor, Peter Obi, at the 50th birthday anniversary of Okonkwo in Lagos…at the weekend

Court dismisses bank's application against Braithwaite Joseph Onyekwere

"I

do not foresee that the defendant/applicant will be denied the right to plead his own case in full and that he will be denied the right to fair hearing. For this reason, this application cannot sail through. Consequently, it is accordingly hereby dismissed."

With these words, Justice Doris Okuwobi of the Lagos High Court sitting in Ikeja, weekend dismissed the application filed by Standard Chartered Bank, seeking to expunge some paragraphs in a N10b suit against it.

The action was filed by the renowned lawyer and elder statesman, Dr. Tunji Braithwaite, against the bank for erecting a high rise structure with a multi-level car park close to his residence in Victoria Island, Lagos.

The bank had prayed the court to strike out some paragraphs of the claimant's reply to the Bank's amended statement of defence.

In the course of proceedings, the claimant amended his claims, prompting the defence to do the same. Expectedly, the claimant exercising his right of reply to the respondent’s amended statement of

defence, raised vital issues in support of its position. But the defence wants the court to strike out certain paragraphs it considers inimical to it, arguing that new facts outside the issue in contention were introduced by the claimant.

But the judge in her ruling dismissed the application on the ground that issues raised by the claimant do not in any way hamper the defence opportunity of pleading its case in full.

Braithwaite had earlier urged the court to expedite proceedings, pointing out that the defendant is capitalizing on the delay to continue to

dissipate the res, as they have continued building up to the 13th floor.

But the defence counsel, Adeniyi Adegbonmire, in his submission, refuted the claims that the defendant was consciously delaying trial, saying that he had already started cross examining the witness before the plaintiff sought for the amendment of his statement of claims.

Adegbonmire, who argued that it is the right of the bank to build, stated that the matter had delayed so far because the plaintiff decided to seek injunctive reliefs rather than pursuing the trial.

8

NEWS

Sanctity of Truth

Monday, July 7, 2014

Allegation of fraud in Kogi councils false, says ALGON boss hairman of the AsCGovernments sociation of Local of Nige-

ria (ALGON), Kogi State chapter, Aloysius Okino, has described as false and malicious, a publication in a national newspaper (not New Telegraph), that there was massive fraud in the local councils in Kogi State.

In a statement signed by the Special Adviser, Media

and Strategy, to ALGON, Ibrahim Obansa, the association said the report has no value other than the sensation that it has created and a fiction that has been presented as facts.

“For the avoidance of doubt, the crisis in the payment of salaries in the local government councils pre-dates the current state and local government administrations in the state.

Osun 2014: APC decries delay in release of permanent voters’ cards Temitope Ogunbanke

he All Progressives Congress (APC) in Osun State has decried the delay in distributing permanent voters’ cards to registered voters ahead of the August 9, governorship election, warning that it might be a ploy to disenfranchise voters.

APC in a statement by its National Publicity Secretary, Alhaji Lai Mohammed, issued in Lagos yesterday said: “INEC has been pain-

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fully slow in processing the permanent voters’ cards, and one can only hope that the electoral body is not doing this deliberately to disenfranchise voters, especially in opposition strongholds.

“The slow processing of the permanent voters’ cards has in particular hit the Central Senatorial District of the Osun State, and has affected those who had earlier registered as well as those who registered this year.”

Judge advocates three-year tenure for NBA office holders Tony Anichebe

Uyo

in the Akwa Ibom APiusjudge State judiciary, Justice Idiong, at the weekend, called for the tenure of office holders in the Nigerian Bar Association (NBA) to be extended to three years.

Justice Idiong, a former vice-chairman of Ikot Ekpene branch of the NBA before his elevation to the

bench, made the suggestion at the inauguration of new executive committee of the branch led by Gabriel Ette.

The ceremony was witnessed by the Akwa Ibom State Attorney-General and Commissioner for Justice, Mr. Ekpenyong Ntekim and the former National Assistant Publicity Secretary of the NBA, Gbolahan Gbadamosi, among others.

Arrest of 26 MASSOB members: We cannot be intimidated, says Uwazuruike Steve Uzoechi

OWERRI

of the Movement Lofeader for the Actualisation the Sovereign State of

Biafra (MASSOB), Chief Ralph Uwazuruike, has said that no amount of intimidation or arrest of its members would stop the group from actualising its agitation for a sovereign state of Biafra, no matter

how long it takes.

Speaking to newsmen in Owerri, on the recent arrest of 26 members of his group in Okigwe Local Government by the army, Uwazuruike said for over 16 years, MASSOB has remained a nonviolent and non-terrorist group, whose conduct has not in any way caused chaos or trouble in the South-East.

PDP faults Ondo govt on Federal Poly Babatope Okeowo

Akure

he Peoples Democratic Tyesterday Party (PDP) in Ondo State tackled the state government over the claim that it was instrumental to the siting of the Federal Polytechnic, Ile-Oluji in Ileoluji/Okeigbo Local Government.

The party through its Director of Publicity, Mr. Ayo Fadaka, also faulted the setting up of various committees by the govern-

ment for the takeoff of the institution.

It, however, commended President Goodluck Jonathan, and the Federal Government for the establishment of the institution.

Governor Olusegun Mimiko, has recently announced the establishment of the Federal Polytechnic in Ile-Oluji. The governor quoted a letter from the Minister of Education to the effect that the institution would take off with a grant of N1billion.

L-R: President, Junior Chambers International (JCI Eko), Adewale Edalere; Head, Brand Quality Assurance, First Bank, Chinwe Bode-Akinwande; General Manager, Business Intelligence, MTN, Bayo Adekanmbi and Team Leader, Junior Chambers International (JCI Eko), Gbenga Olusoga, during the chamber’s Brand Master Class 2014 Lecture in Lagos …yesterday

Strike: Medical consultants to suspend strike

• NMA to continue if government fails to meet its demands' Appolonia Adeyemi, Sola Adeyemo, Camillus Nnaji and ObinnaOdoh

s the indefinite nationwide strike declared by the Nigerian Medical Association (NMA) since July 1 entered the seventh day, a directive from the Medical and Dental Consultants Association of Nigeria (MDCAN) has informed all its members nationwide to continue to provide services to patients in hospitals in all the states of the federation.

This is coming as the NMA, the body that declared the indefinite strike, is yet to determine which way the strike would go in the heat of pressure being mounted on it to rescind its decision on the ongoing strike.

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Dr. Francis Faduyile, chairman of the NMA in Lagos State, told the New Telegraph yesterday that nobody in the NMA can determine yet whether or not the strike will be called off today as hinted last Friday.

This position is contrary to information credited to the Minister of Health, Prof. Onyebuchi Chukwu last Friday.

Chukwu on Friday evening in Abuja said that the strike action will be called off after emergency meeting of the NMA scheduled to hold in Abuja today.

The MDCAN, which raised hope of ending the strike said individual consultants are to “exercise their professional judgment as to the best care feasible and

practicable in the current situation”, a release made available to New Telegraph said. MDCAN is constituted by medical consultants who are the top hierarchy of doctors and mostly in the management cadres in health facilities.

Reacting to position of MDCAN to resume work, Dr. Ogunnubi Peters, Public Relations of the NMA in Lagos State, said this will have insignificant and negligible effect on the NMA strike, as consultants alone cannot handle hospital operations in the absence of the NMA and the National Association of Resident Doctors (NARD). Besides, Peters noted that many hospitals do not have consultants as staff members. Hence, their

pulling out will not affect the NMA strike.

The release urging consultants to provide healthcare to patients in the wards was obtained in Ibadan, and signed by the President of MDCAN and Secretary General, Dr. Steven Oluwole and Dr A.A Adeosun both of whom stated that the decision to attend to patients by the association was reached at an emergency meeting of the association in Ilorin on July 5.

Oluwole disclosed that the association has resolved to comply fully with the restraining order on all parties in a judgment delivered at the National Industrial court Abuja by Justice M.N Esowe on June 27 which ordered MDCAN not to proceed on strike.

School pupil, two others win Ogun Ramadan competition

Adeyeye's appointment 'll boost transformation agenda – Falegan

Kunle Olayeni

Adesina Wahab

Abeokuta

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pupil of Federal University of Agriculture Staff School in Abeokuta, Faridah Jubril, at the weekend, emerged the overall winner of the third edition of Ogun State Ramadan Essay/Quiz Competition for the Poem Category with her classical work entitled: “Ramadan: The Month of Peace.”

Her presentation was adjudged the best poem by the

panel of judges from scores of entries submitted by primary school pupils across the state.

The competition also produced Somide Umar of NUD Junior Grammar School, Obantoko in Abeokuta as the overall winner of the Qua’ran Recitation while Fadeelah Salami of NUD Grammar School, Obantoko in Abeokuta emerged as the overall winner for the Debate/Essay category for the Senior Secondary Schools.

Former Ogun DCP, Olaiya for burial July 11 ormer Deputy CommisFOgun sioner of Police (DCP), State Command, Chief

Benjamin Agboola Olaiya, who died on May 21, will be buried in his home town, Ode-Ekiti, Ekiti State on Friday, July 11.

The late Olaiya, who was also DCP, Imo State Police Command, died at Luton and Dunstable University Hospital, Luton, Bedfordshire, United Kingdom, at

the age of 84.

A statement by the Special Assistant to the Ogun State Governor on Information and son-in-law of the deceased, Mr. Yemisi Fadairo, said burial rites for the late Olaiya, who was the first Executive Secretary of the Police Cooperative Society will kick off with a Service of Songs at Eko Club, Bode Thomas, Surulere, Lagos by 5.00pm.

Ado-Ekiti

of the Peoples Ainchieftain Democratic Party (PDP) Ekiti State, Hon. Opeyemi

Falegan, has described the appointment of a veteran journalist, who is also an astute lawyer, Prince Dayo Adeyeye, as a minister by President Goodluck Jonathan as a pointer to the President's determination to bring about the needed transformation of the country.

In a press release yesterday in Ado-Ekiti, Falegan explained that experience and thezealof peoplelikeAdeyeye wasdesirableandhadsincebecameimperativetodevelopthe nation.

The PDP stalwart described the new minister as a quintessential,clinical,matchless and thorough bred professional,whohasmadeindelible marks in the country and beyond especially, wherever he had been called to serve.

Ogun wants inclusion of traffic education in curriculum he Ogun State Government Ttraffic is set to ensure that road education is included

in the curriculum of secondary schools to improve safety consciousness among the youths.

Commissioner for Education, Science and Technology, Segun Odubela made this known during the grand finale of the 3rd Annual TRACE Club Quiz

and Essay Competition among secondary school students in Abeokuta.

According to him, the State Government is making efforts at ensuring that the National Council of Education, as the highest policy making body in curriculum development, includes road traffic education into the secondary school curriculum in the state.

9

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MONday,JULY 7, 2014

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FESTAC: A rotting beautiful town

agnificent edifices steadily sprouting everywhere in FESTAC Town are a glamorous spectacle to behold.

One is predisposed to conclude that the town will have far more enthralling splendour and structural layout. But the sharp difference in outlook between the two is all the more confounding.

However, when it was first conceived, it was not only with the expectation to turn out an exquisite world class accommodation for all the delegates and visitors to the 2nd World Black and African Festival of Arts and Culture titled FESTAC ’77, it was also envisioned as a model residential community with necessary facilities and amenities which would subsist over a very long time.

During her recent official visit to Lagos, the Minister of Lands, Housing and Urban Development, Mrs Akon Eyakenyi, expressed disappointment at the degradation of facilities in the estate.

She lamented the collapse of the central sewage system in the estate; the indiscriminate takeover and conversion of open spaces to unapproved business places by squatters and mechanics; and the stalemate in the issue of Children having fun at the Victory Park ground rents and land use charges.

Not a few of the residents, who were there from the outset, bemoaned the degradation that has crept in and altered the once blossoming glory of FESTAC Town, the first in the Federal Housing Authority’s (FHA), catalogue of projects.

One of the chairmen of the zones that make up the estate, who preferred anonymity, recalled with enraptured fondness what the beginning was and how the town got to the present deplorable state.

He said: “I moved into the estate in 1978 after having fulfilled all necessary requirements to qualify for the balloting phase. This was one of the glorious days of the country when things One of the new structures at Road 207, altering were done according to merit. I was picked dur- the master plan ing the balloting and thereafter was allocated the FHA have the moral capability to overthis flat. see such restoration? Can the restoration “Things were really working the way they exercise be carried out wholesale without should. The sceneries of the ambience were sentimental attachment? If these issues can all in themselves enthralling. be sorted out, I believe the estate will be put “Things began to deteriorate in the estate back on track.” the moment residents began indiscriminate Another resident, a chemical engineer, erection of buildings for pecuniary benefits. who gave his name as Chukwu, said he was Some of us have waged war against such ille- born about 35 years ago in the estate. gal structures. But the situation becomes very Chukwu recalled with nostalgia how he perplexing when you discover that the people and his childhood friends revelled and had that are saddled with the administration and a fulfilling childhood days in the opening maintenance of the estate are the ones behind years of the now bastardised estate. the malaise that you find around in the estate.”

“This estate provided warm ambience Suggesting what he felt should be done to which we cherished so much as we were arrest the ugly trend that has placed the once growing up. It was all fun then. There were glistering estate out of the track, the chair- so many parks and gardens here. Although man said: “What is required now is a radical we travelled to the North and came back overhaul of the estate, with a motive to restore later in the early 1990’s, it was disgusting to the estate to at least about 60 per cent of the find the estate which once provided warmth original master plan. and tranquillity had taken some additional “But one is tended to be sceptic about the structures which were erected indiscrimipossibility or success of such restoration nately everywhere in the estate. exercise. This is more so, considering in the “The structural anomaly continued unfirst instance the culpability of the supervising abatedly everywhere, altering the original agency, Federal Housing Authority (FHA) in planned beautiful landscape, even till the the bastardisation. present day.

“There are many questions to ask. Does “It is, however, a common knowledge

FESTAC Town, a once beautiful community, is now living in the shadow of its past glory, reports ELIJAH SAMUEL

A commercial centre erected near a transformer on Road 207

Ogunlusi

that the bastardisation that had taken place couldn’t have be without the connivance of the supervising agency. They are very culpable.”

Chukwu regretted that the decadence had eroded the socio-moral garb of FESTAC Town. His observation was that the legion of undesirable elements involved in ignoble sources of living now live and traverse every nook and cranny of the estate.

This, according to him, has made raising family a perilous venture in the estate.

He said: “The way things are now, you find all manner of characters who are involved in questionable business deals. They go about flaunting the proceeds of their illgotten wealth with which they corrupt innocent girls.

“The girls themselves, who are seductively dressed, are neck-deep in the race to use what they have to get what they need from the marauding sons of the devil. That is the trend now.

“The tragedy is that some of the children will grow up with the mind-set that what they see around is normal. I’m thinking of relocating soon from this estate to somewhere more precluded to escape the perver-

The market built on the central sewage system

A park converted to residential buildings

sion that is going on here.”

The President of the FESTAC Town Residents Association, Pa Jola Ogunlusi, said they were not folding their hands and watching the deterioration of FESTAC. He said: “When we discovered the gradual alteration of the master plan in 1984, we protested but we were too slow because we were writing protest letters. But when the situation was getting worse, we took the matter to court. At that time, we discovered that out of the 57 parks and gardens that existed for the estate, they have sold about 75 per cent. We couldn’t take it and the court gave us perpetual injunction.

“The case was on till 2005 when it was finally decided in favour of the residents association that vandalism and takeover of parks and gardens should forthwith be halted.

“About that time, however, because the estate was still surrounded by jungles, the residents asked for kiosks which were to be used to sell provisions and other basic needs around the estates from FHA. So, they provided about 631 10x12 size kiosks which were balloted for, just the way we balloted for the flats.”

10 METRO HOMICIDE A 300-level student stabs his father to death in their house at Redemption Camp Kunle Olayeni Abeokuta

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olice in Ogun State have launched investigation into the circumstances surrounding the alleged murder of a 60-year-old Senior Advocate of Nigeria (SAN), Charles Ajayi, by his own biological son, Tolani.

The legal luminary was killed during a prayer session in his house at the Redemption Camp along Lagos-Ibadan Expressway on Thursday.

The remains of the deceased, in a box, were recovered in a nearby bush at Canaan Land Street at the RCCG Camp.

The state Police Public Relations Officer (PPRO), Muyiwa Adejobi, said in a statement yesterday that the suspect was a 300-level student at the Department of History and International Relations, Redeemer University.

Adejobi said Tolani, 21, was arrested on Thursday, at the slain lawyer’s residence.

The police spokesman disclosed that a team of detectives, led by the Divisional Police Officer at Redemp-

Monday, July 7, 2014

Son murders 60-year-old lawyer at Redemption Camp tion Camp, Olaiya Martins, as well as some community members noticed the strange attitude of the suspect while dumping a box.

Adejobi said exhibits, including a knife and cutlass used by the suspect in killing his father, had been recovered by the police while the body of the SAN had been deposited at a morgue in Sagamu.

He said: “The suspect, who is a biological son to the slain lawyer, Tolani Ajayi, 21-year-old, and 300-level student of the Department of History and International Relations of Redeemer University, RCCG Camp, Ogun State, was arrested same date in his father’s residence, the scene of the incident, about 1730hrs after the discovery of the corpse and police preliminary findings.

“The DPO, Redemption Camp, SP Olaiya Martins, had led a team of detectives and some members of the community who noticed the strange attitude of the suspect while dumping a box, to the point where the body of the SAN was dumped and thereafter traced the ground marks of the dragged box from where the suspect dumped his

Okoye

dad’s corpse to the house of the Senior Advocate of Nigeria, where they met the suspect in a relaxed mood in the house.

“Upon interrogation, the suspect earlier lied that his dad had gone on

evangelism before he eventually confessed to the crime when he was taken to the Redemption Camp Divisional Headquarters.

“He stated further that the problem arose when his late father confronted him for not responding to all the prayer points he (the deceased) was calling and the late father slapped him. He said he went mad and went straight to the kitchen to pick up a knife to stab him and later a cutlass to cut his throat and killed him.”

Adejobi stated that the Police Commissioner, Mr Ikemefuna Okoye, had sent a team of detectives led by the officer in charge of Homicide Section of the Department of Criminal Investigation, Eleweran, Abeokuta, to assess the situation and take over the matter for further investigation.

He said: “The commissioner also seized the forum to appeal to parents to always show their children the right path to follow and train them with our cultural values and morals. It is incredible to hear and see such a situation where a son will kill his father in a prayer session.”

Ex-NURTW chair, ‘Tokyo’, escapes assassination Sola Adeyemo Ibadan

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ormer Oyo State Chairman of the National Union of Road Transport Workers (NURTW), Alhaji Lateef Akinsola aka Tokyo escaped being lynched in Ibadan when suspected thugs attacked him and his supporters.

Akinsola and some of his supporters were at the residence of the Chief Imam of Ibadanland, Sheikh Haruna Suara, to honour an earlier invitation when the attempt

was made on his life.

At least, six of his supporters were injured.

The police, who quickly intervened, however, whisked Tokyo away in an Armoured Personnel Carrier (APC).

Speaking on the encounter, Tokyo told journalists that he was at the Chief Imam’s house when some people attempted to kill him.

He said: “My supporters were attacked while I was being attended to by the Imam in his house at Agbeni area of Ibadan.

“Thank God that my supporters were outside when I was inside with the Imam, maybe I would have been dead by now.”

Among Tokyo’s supporters that sustained varying degrees of injury were Bashiru Saheed, Agboola Rasak, Liadi Akande, Rilwan Akinsola and Alani Adaramola.

According to a witness, the over 20 suspected thugs were led by one Afeez Oyerinde, the son of the state NUTRW Chairman, Alhaji Taofeek Oyerinde aka Fele.

Tokyo The suspected thugs were said to have arrived the scene of the incident with several dangerous weapons and unleashed terror on Akinsola’s supporters.

But in a swift reaction, Fele denied any involvement in the said attack.

He told journalists on phone that the Tokyo passenger from Abule-Egba, heading group was at NTA Ibadan programme (2nd to Meiran. They agreed on N100. When Ramadan Lecture of the late AbdulAzeez they reached Meiran, the passenger gave Arisekola-Alao) when the incident happened.

Usman N500, but Usman said he did not Fele asked the police to conduct investigahave change. The passenger asked him tion into the matter and get the video clip of to look for search, but he insisted he the programme and check the timing of the didn’t have. The passenger asked him said attack. if he would collect N50, but Usman reHe said: “We have met Alhaji Tokyo on fused. That was how he brought out a several occasions and we have never attacked dagger and stabbed his passenger. He him. We are not a violent union again. We will was rushed to the hospital, but died 30 continue to maintain the peace in the state.” minutes later.

The state Police Public Relations Officer “Usman later confessed that some- (PPRO), SP Olabisi Clet-Ilobanafor, confirmed time last year, his motorbike was sto- the incident.

He said: “The state police command reactlen, he had later travelled to his state, for charm and the dagger was part of ed swiftly to the call for reinforcement over what was given to him. It was a poison- the issue by the Mapo Police station where it ous dagger. Immediately he stabbed the was reported. The command dispatched comman, the man did not last. The case has bined police teams and an Armed Personnel been transferred to the State Criminal Carrier to the scene of the incident to quell Investigation Department (SCID).” the violence and rescue Akinsola.

Motorcyclist stabs passenger to death over N50 Juliana Francis

H

omicide detectives at Meiran Police Station, Lagos State have arrested a commercial motorcyclist for stabbing his passenger to death over N50 dispute.

Witnesses said that the motorcyclist, identified as Tansun Usman, from Katsina State, picked his passenger from Meiran area, heading to NEPA Junction. Usman, however, forgot to tell his passenger, a Yoruba man, that he did not have ‘change’ for any other denomination, aside from N50.

When the passenger got to NEPA Junction, he gave Usman N500.

Usman got angry, saying the passenger must give him N50 note.

The passenger then asked for his N500, snatched if from Usman and started walking away.

The motorcyclist caught up with him, held him and demanded that he should pay for his fare.

“As the Okada rider (commercial motorcyclist) held the passenger, they started arguing and shouting. Suddenly the passenger slapped Usman. Usman brought out a dagger, which he apparently had on him and stabbed his passenger on the right hand side of his stomach.

Sympathisers rushed the man to the hospital, but he died the following day, which was Saturday,” a police source said.

Policemen from Meiran, who were invited by witnesses, arrested Usman.

The state Police Public Relations Officer (PPRO), Ngozi Braide, confirmed the incident.

She said: “The Okada rider is 20 years old and the passenger is also 20 years old. The motorcyclist picked the

METRO

Monday, July 7, 2014

11

21

Thunder kills one, injures three, destroys district head’s office Cephas Iorhemen Makurdi

O

ne person was killed while three others were badly injured when thunder struck Tarka Local Government Area of Benue State, the home of Senate Minority Leader, Senator George Akume.

Two main towns were affected by the thunder, Asukunya and Annune, headquarters of the council.

The thunder also destroyed the office of the District Head of Tyoya Council Ward, Chief Anaibo Gwa. He was, however, not hurt.

It was gathered that the incident occurred while it was raining. The thunder struck one Terhemba Uloho who re-

portedly died instantly, while occurred on Thursday mornthree other members of the ing and affected the office of same family sustained vari- the district head of Tyoya ous degrees of injury.

Council Ward in Tarka Local The local government In- Government Area. Though formation Officer, Mr Bem no life was lost, the fire from Agbuku, told our correspon- the lightning hit the wall and dent yesterday that the first it caught the rug in the office incident which occurred at and reduced it to rubbles. It Annune on Thursday de- later spread to other buildings. stroyed a number of build“Then at Asukunya, it hapings, including the office of pened about 11.30pm on Friday the district head of Tyoya. and killed one person. They The following day, the were about six in number in a thunder stuck again about room sleeping. Considering the 11.30pm.

Agbuku explained that those injured were rushed to a private hospital for treat- Juliana Francis ment, adding that members of the family of the deceased he man who allegedly killed the were making arrangements human rights activist, Mr Kunle for the burial of Uloho.

Fadipe, was said to have overpowHe said: “The first incident ered four persons, killed the activist and then feigned insanity.

The lawyer’s sister-in-law, Abiola Owolabi, explained that the murderer was so powerful that he was not affected by several objects smashed on him. men were called to check the She said: “We smashed a stool situation. and a UPS on his head so that he Motorists plying Ekenwan could release the barrister. He Road at the Ring Road end of never felt the impact at all. It was the Kings Square abandoned when the security guards in the estate overpowered him that we their vehicles and fled.

The victim is said to be a rela- realised four of us were stabbed.

“We cried for help but no neightion of a popular business magnate and top traditional chief. bours came to assist us. We were Anti-riot policemen deployed unable to use his car because the by the state police command key to the main gate could not be quelled the situation by firing found. Before we could get a cab canisters of tear gas to disperse to the hospital, he had lost a lot of the protesting youth. blood.”

But when contacted on phone yesterday, the state Commissioner of Police, Mr Foluso Adebanjo, said he was not aware of the incident.

Also, the state Police Public Relations Officer (PPRO), DSP Noble Umoh, could not be reached for comment.

Nobody could give the name of the native doctor or the location the deceased and his friend went to prepare the failed charm.

Benin

A

middle-aged man, identified as Black Arrow, was shot and killed in Benin, Edo State, when an anti-bullet charm failed.

The incident occurred on Saturday when Black Arrow’s friend wanted to test an anti-bullet charm prepared by a native doctor on the deceased.

The victim was shot dead by his friend.

It was gathered that the incident, which threw the Ogbe quarters into confusion, occurred about 5pm.

Angry youths and distraught relations of the deceased went on the streets to protest the killing.

The protesters set ablaze the residential building of the late Black Arrow’s friend.

The residents of the area, shop owners and passers-by took to their heels while police-

T

P

olice in Lagos have arrested a 16-year-old houseboy who stabbed his mistress’ 78-year-old mother to death.

The suspect, Hounvenou Christian Youine, a Togolese, stabbed the old woman several times with a kitchen knife moments after his mistress, Ajoke Olatorera, left home for a vigil.

Police investigators are al-

The late Fadipe

Owolabi added that the assailant, after being arrested, began to pretend to be insane, claiming that he had been wandering about.

One of Fadipe’s children, Folatunmise, said his father’s death was horrible and painful but the family had taken it as the God’s wish.

He said: “Irrespective of his disastrous end, I intend to be a lawyer to carry on the course he was fighting.”

The victim’s brother, Mr Olaleye

Fadidpe, disclosed that the police had commenced investigation into the murder, stressing that he hoped that justice would prevail.

The Senior Advocate of Nigeria, Mr Femi Falana, who was at the house of the deceased to express his condolences, said that the activist as fearless and an upright person.

According to Falana, the poor medical services in the country, cum doctors’ strike contributed to Fadipe’s untimely death.

He said: “Kunle dedicated his entire life to the struggle for human rights and social justice. He fought to make Nigeria safe only for him to be brutally assassinated for no just course. Nigeria will miss Kunle dearly.

“Whichever way you look at it, you cannot but question the integrity of society. Kunle risked his life to save lives of others. Unfortunately, nobody came to his aid.

Rivers chief of staff, Okocha, empowers women

Houseboy kills 78-year-old woman with kitchen knife Juliana Francis

The information officer, who described the incident as a natural disaster, said the local government Chairman, Mr Peter Kwaghfan, had expressed sympathy with the district head, condoled with members of the family of the deceased family and prayed for the repose of Uloho’s soul.

When contacted, the state Police Public Relations Officer (PPRO), Daniel Ezeala, said the command had no report on that issue.

Fadipe’s murderer feigns insanity, says family

Man killed in failed anti-bullet charm test Cajetan Mmuta

intensity of the rain, there was nothing they could do than to sleep in one room because the other room was leaking and therefore decided to join the deceased in his room.”

The thunder, according to him, killed Uloho while three of his younger brothers were injured.

“The eyes of one of them were affected by lighting but he was immediately treated with rainwater and got relief,” Agbuku added.

ready quizzing the teenager and are puzzled while Hounvenou did not run away after killing the old woman. Rather he had waited for his mistress and had engaged her in a fight.

A police source said he actually meant to kill his mistress, but the woman’s cries for help alerted people who rushed in and saved her.

When Olatorera went to the police station to report the murder, she was all bloody.

One of the benficiaries reciving her gift

A

s part of efforts to put smile on the faces of people in Rivers State, the Chief of Staff to the governor, Chief Tony Okocha, has empowered over 65 women in Obio/ Akpor Local Government Area Okocha.

Okocha, who is the All Progressives Congress (APC) leader in Obio/Akpor, sponsored a two-week training for the women in various skills such as bead-making, sewing, catering, decoration and hairdressing.

At the graduation ceremony

held at Rumuodomanya, the local government headquarters, the beneficiaries, six from each of the 17 wards, including the non-indigenes group, were presented with certificates of participation and equipment to set up business.

In addition, Okocha, on behalf of APC, also presented vehicles to party supporters in the 17 wards, as well as to the APC non-indigenes group, so as to facilitate their movements.

Congratulating the beneficiaries, the donor said the large crowd

of party members that turned out for the event underscored the readiness of Obio/Akpor people to embrace change.

He urged them to work towards a landslide victory for APC during the 2015 general elections.

The Chief of Staff charged the women to use their newly acquired skills to create small businesses and employment opportunities for others.

He said: “Our literacy strength is about five per cent while 95 per cent are only interested in what to eat. That is why we have decided to empower our people in diverse entrepreneurship skills including hat-making, bead-making, cakemaking, etc, so that they can provide food for our people.”

Also speaking, the National Deputy Secretary of APC and the state Chairman of All Local Governments of Nigeria (ALGON), Hon. Orji Ngofa, described the empowerment by the APC in Obio/Akpor as a connection of governance to the people at the grassroots.

12 NEWS

Sanctity of Truth

Monday, July 7, 2014

N26.3m equipment seized in Enugu as NCC raids illegal broadcasters Leo Sobechi

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roadcast equipment and facilities being used by unscrupulous operators to transmit MultiChoice Television (DSTV) signals to private consumers at low fees have been seized by the Nigeria Copyright Commission (NCC) in Enugu.

Disclosing this while briefing journalists on the activities of the agency in Enugu at the weekend, the South-East Zonal Manager of the commission, Mrs. Ngozi Okeke, said her officials seized equipment worth over N26. 3 million, when they raided

51.67

various parts of the state.

Okeke said the illegal operators were transmitting the digital signals from home-to-home at very low charges, pointing out that on account of their unlicensed transmission; the operators were reaping the foremost cable television firm of massive revenue.

While explaining that the items seized include cables and boosters, she added that the facilities were used to transmit signals of the MultiChoice Television (DSTV) from home-to-home without authorisation from NCC. The zonal manager, who said the practice was

The number of fixed-telephone subscriptions per 100 inhabitants of Greece in 2011.

Source: Itu.int

not only illegal and bad, but also leaves the licensee, Multichoice, with a lot of losses added: “The point we are making is that it is only the MultiChoice that was licensed by the NCC to transmit those signals.

And so, any person who wishes to enjoy the service must pass through the organisation. But these people bypassed MultiChoice, buy cheap decoders and use them for house-to house-distribution.”

Explaining the rationale for the raid, Okeke said it was in line with the mandate of the commission to rid the society of

9,500

The number of displaced persons in Syria on a daily basis in 2013.

Source: Unhcr.org.uk

persons, who would want to reap where they did not sow, adding that the raid did not include arrests of the culprits, because there were several cases filed in the courts over certain breaches by illegal operators, which have not been decided.

She said: “Making more arrests might not help matters; the raid team decided to seize those facilities to ensure that they don’t continue in the business. It is also to warn them to desist from such practice, which is killing our industry or be ready to face the full wrath of the law, if apprehended.”

103

The ratio of women per 100 men in Republic of Benin in 2012.

Source: Un.org

Cement standard: Don faults House Committee Clement James Calabar

riticisms have continCrecommendation ued to trail the recent of the

House of Representatives’ Ad Hoc Committee on Composition and Pigmentation of Cement, which allegedly recommended that the 42.5mpa cement grade be the minimum standard used for construction work in the country.

A consultant engineer and Lecturer at the Cross River State University of Technology (CRUTECH), Joseph Ukata, who faulted the recommendation in Calabar, at the weekend, described it as a misjudgement on the part of the committee.

According to Ukpata, the thinking by members of the committee that the

NUJ demands recall of suspended members Babatope Okeowo Akure

he Nigeria Union of Tcalled Journalists (NUJ) has for the immediate

L-R: Commissioner for Higher Education, Delta State, Prof. Hope Eghagha; Governor Emmanuel Uduaghan and Acting Provost, College of Education, Agbor, Dr. J. E. Konyeme, at the institution’s 14th convocation ceremony in Agbor…at the weekend

42.5mpa cement is less susceptible to misapplication cannot stand any diligent scrutiny as other cement grades approved by the Standards Organisation of Nigeria (SON) are equally good. “It is not proper to make a general statement that a particular grade of cement be used for construction purposes. There are different kinds of construction. Is it when we are doing mass concrete for floors, or when we are doing plastering? Is it when we are moulding blocks?

“The argument that a particular cement grade is susceptible to misapplications cannot pass through diligent scrutiny, because in the same way you will misapply grade 32.5, you can misapply grade 42.5 and even 52.5,” Ukpata said.

reinstatement of all journalists placed on suspension at the Ondo State Radiovision Corporation (OSRC).

In a statement in Akure by the Vice-President, Zone B, Mr. Dele Atunbi, the union decried the suspension of some of its members by the governing board of the OSRC. NUJ says the purported suspension of the Chairman of the NUJ OSRC chapel, Mr. Wahab Bankole, and other members for engaging in lawful business of the union at the chapel, is a miscarriage of justice on the part of the OSRC

board.

It demands the redress of the miscarried justice in the interest of industrial harmony.

The union added that the action of the board smacks of attempts to do away with the recommendations of the Ajose Kudenhinbu panel of enquiry, which looked into the deplorable state of the OSRC. The union is constrained to point out that the deplorable working condition in the organisation in the last five years should be addressed rather than flagrant disregard for the rights of the workers.

The zone joined the Ondo State Council in its demand for the recommendations of the Ajose Kudenhinbu panel to be made public.

Bishop asks govt to include security I can run for second term if I want, says Kogi PDP chairman studies in school curriculum

Babatope Okeowo Akure

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ishop of Akure Diocese (Anglican Communion), Bishop Simeon Borokini, has advocated a change in curriculum in Nigerian schools to include security studies to stem the tide of insecurity in the country.

Also, he said the challenge facing Nigerians today is not only insecurity, but corruption in high places.

The cleric challenged the Federal Government to give account for what it has done with the funds accruing to it from the federation account in the last five

years.

Borokini in his charge at the second session of the 11th synod of the diocese held at Ilara-Mokin, Ondo State, at the weekend, said security studies should start from primary school up to tertiary institutions in the country.

According to him, such comprehensive study would help in tackling the insurgency ravaging some parts of the country and inculcate security consciousness among the people.

Also, he charged the Federal Government to intensify efforts at improving power generation to pave the way for

economic development of the country.

Besides, the bishop charged Christians to exhibit brotherly love among themselves to further give room for peaceful co-existence.

In his charge with the theme; “Let Brotherly love Continue,” Borokini said the Federal Government needed to do more in power generation to ensure constant power supply in the country.

He added that the main panacea to the nation's ailing economy is constant supply of power to keep the industries alive and provide job security for the people.

Muhammad Bashir Lokoja

State Chairman of Kic ogi the Peoples DemocratParty (PDP), Alhaji

Hassan Salau, has said that he has the right to a second term in office as party chairman, as his first tenure expires this year.

There had been controversy over the tenure of the current leadership of the Peoples Democratic Party (PDP), which will expire this year.

But, the chairman, in a telephone conversation with New Telegraph, insisted that his executive committee still has the liberty to go for a second term.

Reacting to the impression making the rounds that the state executive had gone through two successful congresses that brought them on board, Salau argued that the first congress was nullified by INEC. “That was why we were asked to conduct another one. I believe you journalists were there at the Lokoja Township Stadium; but for people to have forgotten so easily, is unfortunate.

“The first congress that brought us on board took place at the Lokoja Club, and was eventually nullified by INEC after almost three years in the saddle. So, going by this, we are just concluding

our first tenure in office as state party executive," Salau pointed out.

Asked if he would seize the opportunity to run for another term, Salau said: “That is not my agenda for now, what is most paramount to me is to conduct the forthcoming party primaries successfully, as for running for another term, yes I have the right to run again, but that’s not my worry now,” he added.

Meanwhile, speculations are rife that Governor Idris Wada has been under intense pressure by lobbyists to endorse them for the chairmanship of the party in Kogi State.

13

APC’S CONGRESS, EXAMPLE FOR INEC –NANA / PAGE 18

POLITICS

NEW TELEGRAPH

newtelegraphonline.com/politics

AYODELE OJO

DEPUTY EDITOR, POLITICS

ayodele.ojo@newtelegraphonline.com

ayodeleojo@yahoo.com

MONDAY, JULY 7, 2014

ONITIRIABIOLA: MY HUSBAND IS NOT RESTING IN HIS GRAVE

p-16, 17

16 YEARS AFTER He was so rich he could afford to provide tea for all Nigerians. But, it was a cup of tea he took that led to his demise. As a businessman, he had investments in 102 countries. As a philanthropist, he donated, in 1991, N120 million to all higher institutions in the country, among others. As a chief, he bagged more traditional titles than any other Nigerian. After his arrest in 1994, he was not released until his death in 1998. GABRIEL AKINADEWO writes on the 16th anniversary of the death of the presumed winner of the June 12, 1993 presidential election, Chief Moshood Kashimawo Olawale (MKO) Abiola.

Day Abiola died

H

e died without fulfilling his promises to give Nigerians the desired future.

He died, looking at the conspirators in the face. At that last moment, when his soul was going, he must have told himself: “Finally, I have been outsmarted”.

Even 16 years after, Nigeria is still in a confused state as it was when Basorun Moshood Kashimawo Olawale (MKO) Abiola was killed. The tragedy happened on July 7, 1998 and today is the 16th anniversary of the death of the philanthropist, publisher, businessman, accountant, sports financier and politician, fondly called Money, Kudi, Owo, a coinage from his M.K.O. initials.

Before his death, Nigerians waited endlessly to see the end of the tragic drama which started in 1993. Abiola’s journey of no return started on June 23, 1993 when the then military president, General Ibrahim Babangida (rtd), annulled the June 12, 1993 presidential election he won. A year later during the regime of the late General Sani Abacha, he was arrested at his Ikeja, Lagos residence by more than 200 policemen and taken to the Force Criminal Investigations Department (FCID), Alagbon, for declaring himself President on June 11, 1994 at Epetedo, Lagos. The following day, he was taken to Abuja and he never returned alive.

Not a few Nigerians were surprised at the turn of event.

Abiola himself could be said to be a product of the military due to his closeness to top military officers since the early 70s. But when the election was annulled, he knew he had the people on his side and he decided to give his friends a big fight.

He declared in an interview: “By the grace of God, I will be President. The situation de-

mands patience. With time, the government will respect the people’s verdict. I have got the people’s mandate. If they lock me up, they should be prepared to lock up millions of Nigerians”.

He was right because he was locked up indefinitely and the aspirations of Nigerians were also locked up. To give a legal cover to the detention, he was arraigned before Justice Mustapha. During one of the appearances, he declared: “I was brought here in a Black Maria in which I sat on the platform, from which I fell following ceaseless bangs from outside. I know the purpose is to humiliate me. I have never been humiliated in my life. I am a respected man in the society. They want me to die. I won’t die”.

He was wrong.

On Tuesday, July 7, 1998, the struggle ended. He was killed in a high-level conspiracy by the military high command and some foreigners. He had sought to govern the most populous black country from Aso Rock. Ironically, he died in one of the committee rooms of the Presidential Villa. He was taken there to attend a meeting but was not allowed to leave alive.

His electoral victory was annulled by Babangida, he was detained by Abacha and killed during the regime of General Abdulsalami Abubakar (rtd).

He was taken away from his residence hale and hearty but returned in a body bag in the early hours of July 9, 1998, silent, cold, dead in what is now known as the ‘Conspiracy of the Generals and Americans’.

Ironically, it was the day the one-month mourning period for Abacha ended that Abiola joined the Khalifa. Abacha had died earlier on June 8.

Immediately it became public knowledge that Abiola was

The late Abiola

dead, many towns in SouthWest went up in flames. Rivers of blood flowed. The orgy of

violence was uncontrollable.

This was so because Abiola was a leading light of the

Yoruba, inhabiting the most CONTINUED ON PAGE 14

14 POLITICS

Sanctity of Truth

Monday, July 7, 2014

16 YEARS AFTER CO N T I N U E D F R O M PA G E 1 3

politically-conscious zone in the country. After Abacha’s death, the Yoruba believed that Abiola would soon be released. But one of Abiola’s wives, Dupe Onitiri, had her fears. She told anyone who cared to listen that due to the fact that the Abdulsalami regime did not release Abiola with General Olusegun Obasanjo, the late Chief Bola Ige, Chief Olu Falae, the late Dr. Beko RansomeKuti, Senator Olabiyi Durojaiye and a few other detainees, then it was waiting for the right time to silence Abiola forever.

“Contrary to the belief in some quarters that General Abubakar has good intention for the country, his main objective is to negotiate away June 12 and if possible, eliminate the symbol of June 12, Chief M.K.O. Abiola, so as to pave the way for his own transition programnme,” she declared.

Some witnesses during the Justice Chukwudifu Oputa-led Human Rights Violations and Investigations Commission (HRVIC), set up by the Obasanjo administration, corroborated her by declaring openly that Abiola was killed. What angered Nigerians most was the way Abiola, who bagged more traditional titles than any other Nigerian, was treated.

For 36 months, he was not allowed to see his doctor, Ore Falomo. For six months, he had diarrhoea and was not allowed to get medical attention. Physically, literally and mentally, he was in solitary confinement.

The second modern Yoruba leader, Chief Adekunle Ajasin, died in October 1997 but Abiola didn’t know until June, 1998 after Abacha’s death. It was also then he learnt of the murder of Major General Shehu Musa Yar’Adua who also died months earlier.

Years after the Ghanaian, Kofi Annan, succeeded the Egyptian, Boutrous Boutrous Ghali, as Secretary General of the United Nations, Abiola didn’t know. It was an embarrassing situation when he asked Annan who was trying to persuade him to renounce his mandate on June 30, 1998: “Who are you?”

Annan told him that Ghali was no longer the boss of the world body when Abiola asked again: “What of the Egyptian?”

Despite the pressure from the Abdulsalami regime and others engaged to persuade him, Abiola refused to renounce his mandate. Some who were sympathetic to the military regime said that five years after the election, nobody would recognise him in the comity of nations. They also said that even if he was made president in 1993, his first tenure would have lapsed in 1997. They even told him that legally, his mandate had expired but Abiola told them off.

He believed that the military apologists were being theoretical in their analysis.

As long as Nigerians still wanted him as their president, there was nothing anybody could do about it.

He reportedly told those trying to persuade him: “In the court of public opinion, legal advice is useless. Which country has ever solved its political problems by seeking legal advice?” The late billionaire knew there was no way he would leave detention and become the president the next day. But he told the junta that he would not renounce his mandate or negotiate in detention.

“Release me first, then we will talk,” But his enemy knew there was no way Abiola would be released and the agitation for the revalidation of the June 12 election and participatory democracy would cease.

Also, the moment he was released, it would be difficult to re-arrest him.

There were two other reasons. Abiola was well connected in the international circle. He was on firstname basis with many presidents. The moment he was released, it would be difficult to

Spot where he declared himself president at Epetedo, Lagos.

With one of his younger brothers

Abiola to Abdulsalami: stop his zeal for vengeance. Also, if eventually power was given to him, a Southerner, it would affect the future plan of some die-hard conservative Northerners.

Feelers that Abdulsalami was only playing a chess game came on June 27, 1998 when the late Senator Abraham Adesanya led a four-man delegation to see Abdulsalami in Abuja. Their demand: Abiola must be released immediately.

Abubakar promised to do something but Abiola, who one day in 1991, doled out N120 million to Nigerian higher institutions, was still kept in detention.

Abdulsalami was merely following the footstep of his predecessor, Abacha.

The late Pope John Paul II, former South African President, the late Nel-

son Mandela and Bishop Desmond Tutu, had persuaded Abacha to release Abiola to no avail.

The international conspiracy dimension came when Tony Lloyd, the British Minister of State for African

When he returned, the cough had turned violent.

He glanced at Pickering and the rest for the last time and collapsed on the couch

Affairs, who was also the special envoy of the European Union, visited the country. Lloyd refused to see Abiola but met several members of the junta. He declared that it was wrong for Abiola to insist on his mandate, saying the stance of his government was the conduct of a fresh election.

With the balance of terror between Abiola and the junta, it was obvious that one must give way. Then, a plot was hatched and the belief is that the presence of United States (U.S.) Under Secretary of State, Thomas Pickering, who was the Special Envoy of the then President Bill Clinton, the Assistant Secretary of State, Susan Rice and Ambassador Twaddell, was a deliberate act to give the Abdulsalami regime a soft landing in the conspiracy.

POLITICS

Sanctity of Truth

Monday, July 7, 2014

15

16 YEARS AFTER

With Lateef Adegbite

With first wife, Simbiat

Release me, then we’ll talk On July 6, 1998, a day to Abiola’s death, Bisi and Doyin, his two senior wives and his eldest daughter, Lola Abiola-Edewor, were allowed to see him.

Although gaunt, he was in high spirit.

They discussed at length and the visitors believed that it was just a matter of days before he would be released. A few days before, the then Chief of General Staff, the late Admiral Mike Akhigbe and former Secretary-General of The Commonwealth, Chief Emeka Anyaoku, were with Abiola and before they left the detainee, a group photograph was taken which was published in the media. It was also shown on television.

On July 7, Abiola was in his room, alone, meditating on the way forward.

Then, some security agents, mostly operatives of the State Security Service

(SSS), told him to dress up because he had a meeting to attend at The Villa.

The Aare Ona Kakanfo was familiar with this routine. As usual, after delivering the message, the guards left immediately. He was also used to this.

When he got outside, he entered one of the cars and the journey-of-noreturn started. The car which conveyed him was in the middle. The agents were armed with sophisticated weapons such as Israeli-made Uzi and Mac 10.

When the convoy got to Aso Rock, Abiola was taken to one of the committee rooms. He waited for a few minutes. Of course, he knew the discussion would, again, be centred on the pressure to renounce his mandate. He was determined not to give in. He was still thinking when the door opened

and Pickering, Rice and Twaddell entered. They were accompanied by Buhari Bwala, then Minister of State for Foreign Affairs. Security agents had already placed themselves strategically in the room, their presence understood, their minds unknown.

It is, however, not known if all of them knew the plan to silence Abiola that day. Abiola knew Pickering well.

When he was U.S. Ambassador in Nigeria, that was the time Abiola started his reparation crusade. So, they met on several occasions. Naturally, Abiola was happy that a friend was in the house. He greeted the others but Abiola and Pickering dominated the discussion thereafter. Gradually, the discussion veered toward the impasse and Abiola, who was ready for that, bluntly

said that he would only negotiate when ‘I become a free man’.

When they realised that his mind was made up, Pickering tactically changed the topic. The atmosphere was now relaxed.

Then, somebody called for tea and biscuit. This was done immediately and the securitymen took charge thereafter. They served tea round.

Abiola was used to this because since he was detained, he was not allowed to take food from outside. And he had no reason to believe that his tea would be poisoned since everybody was served.

What he did not know was that one of the agents was mandated to serve him alone, a man so rich that he could afford to provide tea for all Nigerians.

He once said he had investments in 102 countries. Abiola never knew that was his last liquid intake alive.

He drank a little, returned the cup to the tray, took it again and sipped gently.

The ‘deadly’ liquid had hardly settled when he felt a movement in his stomach. Then, he coughed, dropped the cup and coughed again. With his left hand, he touched his stomach, just to reassure himself that everything was okay. By then, some of the agents had removed the trays and cups. Abiola started feeling uncomfortable. He then excused himself hurriedly to the toilet.

It was while inside the toilet that he realised that he had been fatally outsmarted. When he returned, the cough had turned violent. He glanced at Pickering and the rest for the last time and collapsed on the couch.

A doctor was hurriedly called after some precious minutes had been wasted in a fit of indecision. Abiola was dead on arrival when he arrived the Aso Rock Clinic.

Even when his death had not become public knowledge, the first thing the junta did was to put all military formations on the alert with special emphasis on the South-West.

Within a spate of two years, it was the second time tragedy would befall the Abiola family. Kudirat, his second wife, who was a thorn in the flesh of the Abacha regime, was assassinated in broadday light near 7UP Junction, Ikeja, by agents of the junta on June 4, 1996.

To show that it had no hand in Abiola’s death, the military government dispatched a presidential jet to Lagos to fetch Falomo to be part of the team that would perform the autopsy. Falomo was not told why he was needed in Abuja or why a presidential jet was dispatched to fetch him. He was even told to come with Kola, Abiola’s eldest son.

Given the fact that he was not allowed to see Abiola for months, he suspected foul play. His fear was confirmed at the Murtala Muhammed Airport, Ikeja when he heard the news on the radio.

He told Kola that they must return to their houses immediately ‘before fireworks start’.

Meanwhile, in Abuja, Bisi, Doyin and Lola were at the Nnamdi Azikiwe Airport on their way to Lagos to prepare for the return of their bread winner. An agent rushed to them with the information that they were needed at The Villa. Their initial thinking was that Abiola would be released that evening. They met Akhigbe, Pickering, Chief Physician Aminu Wali and other officials. It was weeping galore when the news was broken to them.

Worldwide, people received the news with shock. In South-West Nigeria, it was with anger. The riot turned ethnic as people of Northern extraction were attacked in Agege, Idi-Araba, Obalende, Mushin, Oyingbo, Ijora areas of Lagos and other parts of Yorubaland.

The military complicated the crisis by shooting at random. More than 100 people were killed in Lagos alone.

On July 9, 1998, Abiola was buried beside his wives, Simbiat and Kudirat, at his expensive Ikeja residence.

16 POLITICS

Sanctity of Truth

Monday, July 7, 2014

16 YEARS AFTER

Onitiri-Abiola: My husband is Mrs. Dupe Onitiri-Abiola is one of the wives of the acclaimed winner of the June 12, 1993 presidential election, Bashorun Moshood Abiola. In this interview with TEMITOPE OGUNBANKE, she speaks on 16 years after her husband’s death, saying Chief Abiola is not resting in his grave because the picture he saw prior to his death is child’s play compared to the present state of Nigeria.

It is about 16 years after the demise of your husband and how do you feel about the recent public acknowledgement of Abiola as one of the heroes of Nigeria’s democracy by his kinsman and former president, Chief Olusegun Obasanjo, considering that Obasanjo during his eight years in office never honoured Abiola?

I believe so strongly that my husband has been vindicated by Obasanjo’s statement, because one thing that everybody in this country knows about Obasanjo is the fact that he says what he means; whatever he says is what he means and you might like it or not. Obasanjo once said that my husband wasn’t the messiah and now he is saying that my husband died for Nigeria’s democracy.

The people that annulled June 12 and assassinated MKO Abiola are from Obasanjo’s constituency, the military.

So, for him to have said what he said; he must have sat back and had a lot of thinking. What he said is a deep statement, not just a mere one as far as I am concerned. For him to say that, he must have thought a lot of things and maybe he thought that one day he is going to go to where Abiola is and he wants people to remember him for one or two things.

June 12 is going to remain in the history of this country, even though the election was annulled MKO Abiola was the president because whether they like it or not, he was the people’s choice.

He was like Ceaser, they stabbed him on the back; people you never thought will do such.

What gave you the impression that your husband was assassinated because the report on his death stated that he died of cardiac arrest?

I do not think; I know that my husband was assassinated. I know that for a fact. I said it before he was assassinated that they were going to kill him. When they killed him and came up with the cardiac arrest theory, I told them that there is nothing like that. He was assassinated; they poisoned and killed him.

That is the fact and I know it. They can hide it for many years but it’s the fact that he was assassinated. Maybe some of the key players will come out and say it before they leave this world, but if they don’t, somehow it is going to come out. Some people have given different accounts of what happened. I have the real account of what happened but I just refused to say anything publicly because when you get to a point as a believer and Christian, and as someone who believe in Almighty God as God of vengeance, I cannot act to take the position of Almighty God but I know Almighty God is going to act on it.

I know he is not resting; he is turning in his grave because the picture he saw then is child’s play compared to what we have now

Who are those that you thought were actually behind the assassination of your husband?

It was the military and there are certain things you don’t do by yourself.

The military cannot act without some civilians helping them. And in illing someone like MKO Abiola, you can’t do it alone; you require external influence.

So you believe that some of Abiola’s associates had a hand in his death?

They know themselves. A lot of people betrayed MKO Abiola; people that he trusted and he believed in betrayed him.

Do you know some of these people and can you mention their names?

I just told you that when you hand things over to God; you don’t play any role. It is purely God’s battle and you surely leave it for Him to fight it. They know themselves. Some of them are dead while some are still alive. One thing you cannot take away is the fact that Abiola left his family, friends, allies because of some people. Some group of people did that and they think that his family will cry, while they smile; it is not possible. Their generation till eternity will see sorrow. They will live in sorrow no matter what it is, except they go to Almighty God for forgiveness.

What was the experience during the four years that your husband was incarcerated?

At that time one believed he was going to come out. The struggle was kind of hard but at the same time one was still determined to see to its end, to make sure the mandate of the people was defended. You know that people trusted him and gave him their man-

date and we believed that this mandate should be defended. During his incarceration, it was like we were going to continue the struggle because it was like he was going to come out.

What was your last moment with MKO Abiola like?

I remember clearly, June 11, 1994.

That was when he did the Epetedo Declaration. It was raining on that day and I got the message that my husband was under house arrest that nobody in the house can come out and go in. So, I left my own house and drove to where he was. As I was driving into to my husband’s house, there was an armoured tank and they said I have to come down; that I can’t go further. I stopped the car and walked towards my husband’s house and I said I have to go in to see my husband. They resisted, saying that there was an order from above that nobody could go in or come out. I told them that I never knew of any law that says that a woman should not enter into his husband’s house. They insisted and I refused to leave; that whatever they are going to do, they should do it. Then it started raining and I got soaked by the rain. When it stopped raining; they said madam you have to go now that the rain has beaten you, but I insisted on entering my husband’s house. When they realised that I was not going to change my mind, they allowedme to go in.

When I saw my husband, he said he was writing the speech to make at the declaration and I told him to look outside; that armoured tanks are surrounding the house. He said he didn’t know and asked me what happened. I said I didn’t know; ‘maybe they are here to arrest you or something I don’t know, but now the game is changing; one thing you need to always remember is that you must not betray the people of this country. You have to defend this mandate, you will not go to war, but at the same time you have to defend it. The game is changing right now and I want you to remember the people of this country who gave you that mandate; you might get to the position when you will think of stepping back and throw the mandate away, but you cannot do that because people’s blood is involved now. When Ibrahim Babangida annulled the elec-

Onitiri-Abiola

tion, the people of this country did not come to you; they went straight to the streets and defend that mandate, and there was order to shoot at sight; people were killed but the people believed in

Abiola: The president who never Felix Nwaneri

T

he anniversary of the death of the acclaimed winner of the annulled 1993 presidential elections, Chief Moshood Kashimawo Olawale Abiola, offers renewed opportunities to assess the occasion of Nigeria’s truncated stride towards true and representative democracy. It is equally important because it offers the opportunity to assess the man who has come to singularly symbolise that period of national history.

After the painstaking eight year conduct of a transition programme to return Nigeria to civilian democratic rule after nine years of military rule, the then military government led by General Ibrahim Babangida voided the results of the election. His action added the word “annulment” to the Nigerian political vocabulary.

Though the election’s result was inconclusive before it was annulled, everyone knew that MKO (as Abiola was popularly known) won. Initial figures released by the then National

Electoral Commission (NEC), showed that he was already coasting to victory, before the military junta directed it to stop further announcement of results from the remaining few states.

This prompted Abiola’s insistence that he won the poll although the claim was a subject of debate for years until Prof. Humphrey Nwosu, who then headed the electoral body, set the record straight 15 years later (June 12, 2008), when he affirmed that the Ogun-State born business mogul won the election.

Nwosu, in his book Laying the Foundation for Nigeria’s Democracy: My Account of June 12, 1993 Presidential Election and its Annulment, stated that out of the 14, 396,917 votes cast in the election, Abiola, who was the candidate of the defunct Social Democratic Party (SDP), scored 8, 323,305 votes while his opponent, Alhaji Bashir Tofa of the defunct National Republican Convention (NRC) had 6, 073, 612 votes.

He further said that Tofa one-third of the votes in 23 states out of the then 30 states in the country and Abuja, while Abiola had one-third of the votes

in 28 states, thereby satisfying the constitutional requirement to be declared winner.

According to results of the election published on pages 296 to 298 of the 392-page book, the states which Abiola won included Akwa Ibom, Anambra, Benue, Borno, Cross River, Delta, Edo, Enugu and Jigawa. Others were Kaduna, Kano, Kwara, Lagos, Ogun, Ondo, Osun, Oyo, Plateau, Taraba, Yobe and the Federal Capital Territory. On the other hand, Tofa won Abia, Adamawa, Bauchi, Enugu, Imo, Katsina, Kebbi, Kogi, Niger, Rivers and Sokoto states.

Nwosu, however blamed an order by the Abuja High Court which was served on the commission on June 15, 1993, for the inability of the electoral body to release the entire result of the election at the time.

Babangida, on his part, years ago explained that he was compelled to nullify the poll because of security threats to the enthronement of a democratic government at the time. He pointed out that the Armed Forces Ruling Council (AFRC) he headed then knew that Abi-

POLITICS 17

Sanctity of Truth

Monday, July 7, 2014

16 YEARS AFTER

not resting in his grave Sometimes to mention MKO Abiola is like putting something on their neck, and the irony is that there is no individual in this country today who can match MKO Abiola game has change from this moment. I want you to remember that. You know one thing about me is that I will never lie to you and that is one thing you know very well of me. Then the destiny God has made is to love you so much and for that I will never betray you. I will stand by this mandate and stand by you. I will never at any point betray you; it is not going to happen but remember not to betray the people of this country.’ He then left, made the declaration. He later went away for some days and when he came back, he was arrested.

you as their leader, they believed in that hope you are going to give them and they went out without seeing you to defend that mandate with their own blood, for that you cannot betray them. The

How did you receive the news of his death and where were you then?

I wasn’t surprised because I said it publicly. I said it that they were going to kill him. I knew and saw it before it happened. So, when they announced it, it was like a confirmation of what I have said and it was just like why will this people want to move this country back, why would they want to do it because this is about the whole country?

It is true that Moshood Abiola was the image, leader and symbol of the struggle, but it was about the people of this country. Why would any group of people do it? Why were they so hateful and evil? That is what I felt and I was upset and my first reaction was kind of anger. I knew it was going to happen and I knew he was going to make that choice because he decided to defend the mandate and not to betray the people of this country.

After his death many of his young wives remarried but despite the fact that you were still young then, you refused to marry, why

didn’t you follow suit?

My last conversation with him was about the mandate. I told him I was not going to betray him; not for any reason.

I knew he wanted from this country, and that was why I was able to unite with him in the struggle. He was in detention and I was still struggling outside. I was travelling all over the world. I was with so many groups and single handedly put together all the pro-democracy activists under JACON. I did it by the special grace of God because when I came back from abroad, I found out that there are so many groups fighting for the same thing, the mandate of my husband. So, I met each of them and told them ‘you can’t do it single handedly, lets come together as one.’ Late Chief Gani Fawemi decided he was going to carry the weight, because he too promised MKO Abiola that he was going to stand by the mandate. So JACON was using his office, his resources, his secretary, typewriters and papers. I was part of the struggle because I knew what he wanted to do. I saw him campaign and heard what he said about how to make things better. I knew what was going to happen if he had been given the chance to become president. He was someone who really loved the people to point of death. Abiola meant well for this country, but was taken away and yet the people in the corridor of power don’t care about the people. I am not happy what is going on in the country, and that is why I have decided that to make things happen. I have to be one of the players as well. So, that is why I have decided that I am going to contest for a political office. I am going to be the next governor of Lagos State after Babatunde Fashola. We will start with Lagos State and we will deliver what the people have yearned for so many years.

Many people believed that if Abiola had not ventured into politics, he would still be alive today. Do you believe that?

Yes, it is true, because he took care of himself very well. But the Almighty God knows when we would be leaving this world, so He can answer that question.

The point is that he went into politics not because he wanted to be into politics. He went into politics because of the people of this country. At that time, the

made Aso Rock ola, if installed as president would be toppled through another military coup, which his government did not want.

According to him, his regime decided that it would be the last that would ascend the seat of power through coup, adding that it would make no sense to install a democratic government that would be truncated within another six months.

He admitted that the poll was the best ever conducted in Nigeria’s history, saying: “June 12 was accepted by Nigerians as the best of elections in Nigeria. It was free and fair. But unfortunately, we cancelled that election.

I used the word unfortunately, for the first time. We were in government at the time and we knew the possible consequences of handing over to a democratic government. We did well that we wanted ours to be the last military coup deta’t. To be honest, the situation was not ripe to hand over at the time.

“The issue of security of the nation was a threat and we would have considered ourselves to have failed, if six months after handover, there was

another coup. I went through a coup deta’t and I survived it. We knew that there would be another coup deta’t. But not many people believed what we said.

They could have allowed me to go away and then they (coup plotters) would regroup and stage another coup.”

While many still believe that Babangida’s reasons are unjustified, others have continued to wonder how Abiola was able to secure the landmark victory on a Muslim/Muslim ticket in a country where religion plays an important role in its politics.

The fact, however remains that Abiola, who work his way out of poverty through hard work, symbolised the aspirations of many downtrodden Nigerians. His “Hope ‘93 political manifesto,” which became a sing-song, also played a significant role. The policy paper was received with optimism by many, especially the downtrodden and the middle class.

Unfortunately, he never lived to implement the progamme in which he had provided answers to the pervasive poverty and dearth of infrastructure

in the country.

Abiola, the man who would have been president between 1993 and 1998 and or beyond, died on July 7, 1998, in the custody of the Federal Government, four years after he was arrested and detained by the late dictator, General Sani Abacha, for daring to declare himself president- elect.

picture he was looking at and seeing wasn’t good at all. I don’t know what he would have done now, but I know he is not resting; he is turning in his grave because the picture he saw then is child’s play compared to what we have now. He said it and told me that ‘you know one day, I am going to meet the Almighty God, and if you know what you need to do and you don’t do it, He is going to put you in hell because you have no excuse when you go to him. So, I know what we need to do to make things better. This is why I am offering myself to the people of this country.” And the people believed in him, but the powers that be then won’t allow it. Instead of making things better, see what is happening now.

Is that why you are venturing into politics?

Oh yes. The people need that hope they had 21 years ago that things are going to get better. Some people will say that it is not possible, but I always tell people that my own promise is different. I am not saying it now like other politicians who want to be in power, I am saying it from where I am coming from. I am saying it from the mandate we had 21 years ago; that is where I am coming from. We have not delivered, we know what to do, and like I told you if you know what to do and God has laid it in your heart what to do; then you fold your hands that you are not going to do it, it is your problem. You know what happened to Jonah when he refused to deliver God’s message. This why I do tell people that I am not like other politicians who will them we can do this and that. I am coming from somewhere way back 21 years ago and I know what we need to do.

Before MKO Abiola’s death, he was known to be one of the richest and most influential men, not only in Nigeria but in Africa, but since his death, his family has not been the same. What is the present state of the family?

I don’t talk about my family in public, it is very private.

Do you think Nigerians really appreciate the sacrifice your husband made for this country?

They do not appreciate it and that was why I said that if you give people something they didn’t struggle for, they won’t appreciate it. Sometimes to mention MKO Abiola is like putting something on their neck, and the irony is that there is no individual in this country today who can match MKO Abiola.

How do you mean that nobody can step into Abiola’s shoes?

No one can match him. He had so many businesses; employed more people than state governments; took care of his worker the way you can never imagine; he brought journalism to the high level that is. Everything he touched, transformed. A lot of people copied him; he was a role-model, yet they don’t want to mention his name. They don’t want to say this is where we are coming from, they don’t want to remember him, they try as much as possible to forget everything about MKO Abiola, like he never existed, but MKO Abiola still exist in lots of families. He helped so many people and did so much for this country.

They wanted to name University of Lagos after him, but some people revolted against it. But this was a man who cared so much for the university. Abiola invested a lot in people, so how can they say they want to match it; Almighty God is in control and going to take care of everything. I know a lot of people that Almighty God has touched and they are going to come out in 2015, we are going to a new beginning there are going to be new people in government to make things better, and then MKO Abiola and so many other will rest in peace. Also, they will remember the true heroes of this country.

18 POLITICS

Sanctity of Truth

Monday, July 7, 2014

APC’s congress, example for INEC –Nana

to it, I know what I’m doing, but every right thinking man whose common sense is working, whose reasoning faculty is functioning should know what he is doing, but if a person is a first class illiterate, you can do nothing about him.

I happened to grow up from a family that does not encourage blackmail, my parents did not teach me, my teachers did not teach me, and my peer groups never shared anything like blackmail with me. So I don’t know how to blackmail others, but anybody who is used to blackmail, that’s his own business, it is not my own business, but what I know with myself, whenever I’m pursuing certain goals, I don’t look at right or left or backward, I keep on moving, because that blackmail is intended to deviate your attention. So the moment you pay attention to that blackmail, they have achieved their goal.

That is what they want, so I don’t have time to waste attending to blackmailers, but I keep pursuing my goal. They know why they are saying so, I don’t have any political godfather, and anybody saying so knows what he is saying, or maybe he has been brainwashed, I was in PDP before; when I changed to ACN I did not consult anybody in Bauchi State. So it is my prayer that may God enable him to understand.

The newly elected chairman of the All Progressives Congress (APC) in Bauchi state, Alhaji Ahmed Uba Nana, in this interview bares his mind on capacity and capability of the party to wrest power in Bauchi and the country at large come 2015. Our correspondent YUZARSIF ALHASSAN, Bauchi was there and filed in the following excerpts: How would you assess the strength, capacity and capability of the APC in Bauchi state?

I don’t want to talk in a way that would be considered biased, but I think it is very glaring that anybody is a living witness of what is happening now; that people are tied, they are eager and keenly agitating for a positive change.

And the only path to that desired change is APC by the special grace of God. So people are seriously in need of change.

The various strata of our people, ranging from farmers, business community, civil servants, and all categories of citizens are agitating for change considering the fact that there are a lot of issues militating on the well-being of the average Nigerian.

That is what necessitated the general public agitating for change. And that change can only be actualized by the special grace of God through APC Insha Allah come 2015. So, in that respect you can see yourself that any vehicle moving with a sign of APC, you can see how people are cheering, how people are welcoming it. This is a clear indication that people on ground are anxiously waiting to see the day the electorate will say something. This will tell you that definitely there are people who are on ground, people agitating for change, expecting APC to do something for them. So without being biased, I can say since we are agitating for a change, and that is our slogan, that is why people have confidence in us, and by the special grace of God we will not let them down come 2015.

As APC agitate for a change, what is the cardinal principle or policy thrust of the party. How can APC change the fortunes of the people of Bauchi state should it assume the mantle of leadership?

I think this is something which is very straight forward, looking at the manifestoe of our party, everything is there in black and white stated, well spelt-out. If you look at the manifestoe of our party, if you look at all sectors of our national; life, educational, agriculture or the social sector, it is well defined. What APC intends to do if is get the mantle of leadership of this country. This is something which is already spelt-out in the party’s manifestoe, and when APC held its national summit in Abuja, the manifestoe was launched as well, so it is handy everywhere in the country. If you go through it, you will see what APC intends to do to Nigerians if God willing it has the mantle of leadership of this country.

Your recent election as party chairman was a litmus test for the APC, are you optimistic that APC will win the election because that will be the starting point for the party?

Well, by the special grace of God you will see, like if you look at what APC is doing internally, it is a clear indication that there is internal democracy, and a

Nana

very simple example I can sight now is looking at the way we emerged as the leadership of the party in Bauchi state.

So it was very transparent, we were ten in the contest for the chairmanship seat of the party or for the same seat and it was due to the transparent nature of the elections that made the nine others who lost to come and embrace and congratulate me in front of all the journalists. So that is a clear indication that there is internal democracy in the APC. If INEC will emulate same, I’m confident that we will win the elections everywhere in the country. But if something different happens, that is a different thing entirely, but if it is democratically done, I have no doubt about it, APC will get it.

What is your reaction to the use of the military in elections as depicted recently in Ekiti state?

Well, you see we are in a democratic set up. So it is something very simple and we should learn how to solve our problems through the right way or manner appropriately. In a democratic set up that shouldn’t be the case. It is something very simple and if this kind of issue is not handled with care, it will ruin or cause havoc. I don’t know how it happened actually, but it is a mistake in a democratic set up. So with our nascent democracy, this kind of thing should be avoided so that it doesn’t re-occur in the near future because these are the things that can militate against, or hinder the process of democracy in the nation.

How is the APC contending with the growing gubernatorial number of aspirants in Bauchi state?

As far as APC is concern, APC is all about democracy, and this party has its own constitution, the party constitution is there and whatever we are going to do, all our operations will be guided by the constitution. We will strictly follow the constitution inch by inch, step by step; we will never conduct any of our operations outside the constitution. Now, you can see a lot of governorship aspirants, it is just because the party is a hot cake, so a lot of people are developing interest in the party. That’s why you can see a lot of aspirants there, this is a clear indication that the party has a lot of supporters, large number supporters or followership, but whatever number

of aspirants we have, not only for the governorship but also other seats, it is the electorates that will decide and for any interested person coming into the APC, may be from another party or he doesn’t have any party but interested in joining APC, APC is not limited to certain category of persons but anybody coming with good intension, or for the progress of the party and the nation is most welcome. But if a person is coming with negative intension, he should help us and stay away, he’s not welcome.

What can you say about the much talked about rotational leadership especially as it affects your party?

The Constitution will guide us on anything, so for now I have not come across something like that in the constitution.

I have to check and cross-check provisions, if there is anything like that, then we consider, if there is not, then we leave it open. But as at now I have not seen anything talking about that.

There are allegations that you are on errand, fronting and a surrogate of the national leader of the PDP. How would you react to such allegations?

Well, you see if a person doesn’t like you, or is trying to blackmail you, there is no way you will impress him. As a person, when I’m pursuing a certain goal, if I don’t experience any blackmail, then I know that I’m on a wrong course, it means nobody cares about me, it means I’m not a threat to anybody, but when there is blackmail, that is the very time I begin to get courage, that I’m on the right course. And a lot of people have started to envy me because I’m on the right path, so those that are saying such a thing know better than you and they know why they are saying so.

Blackmail is nothing to me, I’m used

There is internal democracy in the APC. If INEC will emulate same, I’m confident that we will win the elections everywhere in the country

You were formerly in PDP; you were also a commissioner under that party as well as one-time PDP state party chairman. Your former boss is now at the helm of affairs in PDP. What is your relationship with him?

We have never been enemies, I served under him, and we parted amicably.

I still have respect for him. He was in PDP; I left PDP and joined ACN (Action Congress of Nigeria). Later ACN and other political parties merged to form the APC, so I don’t have any enemy in Bauchi State, and anybody, not only somebody I served under. I have respect for anybody I know that is elderly to me, but that does not stop me from exercising my civic right as a member of an opposition party when it comes to politics. I’m in APC, so even if we are twins and you belong to PDP, when it comes to politics, you are in PDP and I’m in APC. So you vibrate at your own frequency, I vibrate at my own frequency, that is all.

You talked about allowing people to vote for candidates of their choice in your party, meaning you have internal democracy. Do we expect to have a presidential candidate emerging under the APC free and fairly elected by the people because there are some bigwigs that are already nursing the ambition and are seen as chief financiers of the party?

You see as I told you, in APC we have internal democracy and the party promotes and encourages internal democracy, but when we have more than one aspirant for a particular seat, consensus is also acceptable, if there is more than one aspirant. If among themselves, they can sort it out and agree upon an individual, then others to support him, that’s all, that is consensus, that is internal democracy, that is with the full consent of the others, so with full consent they can decide to back one of them, that is acceptable. But if consensus is not possible, then the only option is to go for primaries for the electorates to decide who is to be the candidate.

You talked about consensus, but in primaries money may influence credibility on ground. So which is which, money or credibility?

As a party, we are going to take that into consideration, but even before that, every average Nigerian is feeling what is happening now, so it is enough for everyone to use his common sense, to tick for the right person. The APC will work on enlightening members of the party towards understanding that.

19

EDITORIAL

Sanctity of Truth

Monday, July 7, 2014

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To publish a newspaper of superior value, upholding the fundamental ethics of journalism: balanced reporting, fairness, accuracy and objectivity.

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MONday, JULY 7, 2014

Emerging threats to Nigeria’s oil dependency

T

he International Energy Agency has predicted that the United States of America (USA) will not need crude oil from Nigeria and other countries in the not too distant future. This is because, according to IEA, the USA is poised to attain full energy independence with the advent of the shale oil and gas revolution.

The IEA’s position has also been corroborated by Christof Ruhl, an international energy expert: “No one doubts anymore that the country (US) will become a natural gas exporter in the not-sodistant future. Total oil imports have been cut by almost half.

With crude exports still legally constrained, the US now reaps the benefits of cheaper domestic crude by exporting refined products instead: The country has switched from net imports of 2 million barrels per day (Mb/d) of refined products as recently as 2007 to net exports of 1.2 Mb/d most recently. Not only is energy security benefitting: of all the countries in the world, the US last year had the biggest increase in oil as well as gas production – it also had by far the largest decline in CO2 emissions, courtesy of the unprecedented replacement of coal with natural gas in power generation, enabled by shale gas.

(Natural gas fired power generation has about half the emissions

of coal fired generation).”

It would be recalled that USA has drastically reduced its demand for Nigeria's crude oil in recent months as explicitly stated by NNPC. USA is currently buying about 250, 000 barrels per day, a further confirmation that demand for imported oil has fallen sharply because of increasing domestic shale gas and oil production.

Added to this is the fact that, there are new discoveries of oil in different locations in the West Africa region.

A US Geological Survey report in 2011 disclosed that the West African Coastal Province - which includes Liberia, Sierra Leone and Guinea - has an estimated 3 200 million barrels of oil. A flurry of explorations have, therefore, commenced in neighbouring countries since 2007 when Tullow Oil found the Jubilee field in Ghana, and it is regarded as one of the continent's biggest recent finds. New finds have also been reported in Liberia and Sierra Leone. Niger has now become a producer, while Mali and Mauritania are at various levels of exploration for commercial hydrocarbons.

The foregoing will undoubtedly affect the overall value and premium placed on Nigeria’s crude oil. Besides, Nigeria is an oil bearing country, and to classify her as an oil producing country will be difficult to explain away, as she imports most of her oil re-

quirements as the local refineries are comatose and there are always conflicting reports about their functionalities.

This has reinforced the argument that Nigeria cannot rely on oil forever for national survival.

There is the exigent need for the systematic and methodological diversification of the national economy. The mono-cultural nature of the economy is symptomatic of the underdeveloped status of the economy. The prevailing miasma and structural dependency must be replaced with a more robust and realistic economic plan.

Over the years, successive governments have come up with an assortment of economic policies but have dithered on the need to thaw the ice and break the stranglehold of oil dependence to other crucial areas that would stabilise the national economy and the financial fortunes of the country.

The reason for relying on oil is not quite fathomable, as the country is blessed in numerous areas with abundant natural resources that are lying fallow. For instance, agriculture is one area that the country has been totally neglected as a result of oil boom of the 1970's.

It would be recalled that in time past, agriculture was the mainstay of the Nigerian economy.

Other equally important areas that could help galvanise the economy to greater heights include development of solid minerals

that have not been commercially explored in an organised fashion.

In spite of the existence of the ministry of sold minerals a well as Mineral Act, nothing of note is happening in the sector. Other areas are aviation and tourism, film-making and entertainment industry, sports and gas to mention just a few.

Gas for example has a big potential for growth and development; it can rapidly grow the GDP and per capita income. We must not lose sight of the fact that Africa is growing as a gas supplier, with more than 14 trillion cubic metres discovered in Angola, Ghana, Mozambique, Nigeria and Tanzania. Hence, Nigeria will have to take the bull by the horns in gas development, instead of allowing it to be flared away aimlessly.

The diversification of the national economy is a sine qua non for genuine economic development. Nigeria is too blessed to be fixated on just a singular resource for nation building. The gross mismanagement of the economy must stop, all leakages must be blocked, economic saboteurs must be prosecuted, wastages of all sorts must cease and new frontiers of economic expansion must be given utmost priority. There must be a properly defined plan of action to achieve this strategy within the shortest time possible to put the country on a sound-footing to economic change and prosperity.

GABRIEL AKINADEWO Managing Director/Editor-in-Chief FELIX OGUEJIOFOR ABUGU Deputy Managing Director/DEIC SULEIMAN BISALLA Managing Editor, North YEMI AJAYI Editor, Daily LAURENCE ANI Editor, Saturday EMEKA MADUNAGU Editor, Sunday LEO CENDROWICZ Bureau Chief, Brussels MARSHALL COMINS Bureau Chief, Washington DC SAM AMSTERDAM Editorial Coordinator, Europe EMMAN SHEHU (PhD) Chairman, Editorial Board GEOFFREY EKENNA News Editor PADE OLAPOJU Production Editor TIMOTHY AKINLEYE Head, Graphics ROBINSON EZEH Head, Admin.

20

Sanctity of Truth

Monday, July 7, 2014

OPINION Unizik vice chancellorship: A damnable canard?

Victor Agusiobo

A

t a First Bank partnered workshop recently in Enugu for students and young professionals with the theme 'striving to thrive', yours truly made a presentation titled Communication Challenge For A New Humanity. The presentation made a case for the intensification of pro-life communication via an effective balance of credible medium, message and messenger.

The opening of the presentation came with a question directed at one or two young participants thus: who in Nigeria can actually tell you for example that rigging election is evil and you believe him just because you trust the genuineness of the advice and the fact that the person offering it can possibly live out the precept? They looked at me a little askance, perhaps in utter emptiness, trying to recollect but no answer actually came from them. Pity! There is near extinction of role models in issues pertaining to honesty and candour.

The participants are definitely not alone in this dilemma.

Quite unfortunately, not a few persons will find it difficult to point to one character in this country who can successfully do a believable homily on patriotism that will call for the eschewing of bribery, cheating etc. Too bad, it seems the human symbols of believable communication in the public domain have thinned unbelievably to a point of national emergency.

This piece is about an issue that has seriously assaulted our sensibilities as to what constitutes rectitude, credibility, fairness and the symbols of positive and believable communication. The descent to bathos which the recent selection and appointment of a Vice Chancellor has afforded the

Ivory Tower named after the great Zik is definitely diminutive of all the ideals we hold out for a University at that level.

The series of heavily paid advertorials for and against the selection process is even more worrisome. They really call attention to a certain level of spuriousness. Since when did such advertorials become part of the conditions to be fulfilled before or after the appointment of a Vice Chancellor?

The revelations there-in are just too unfortunate and further accentuate the belief of some persons that the universities have not been adequately useful in interrogating society.

Frankly, there are so many disturbing aspects of the selection of UNIZIK Vice Chancellor that the public ought not to have heard. The university ought to have done its magic within and then allow us to merely watch out for the smoke.

We should have been content sighting a new V C as he appears in all his academic and ecclesiastical severity without our having an inkling into the processes that threw him up.

We need not know about such fluid variables like interaction sharing the same weight with a quasi-scientific factor as CV. Exams are not the true test of knowledge though they may be the best for now, after all the greatest fool can ask questions which the wisest man cannot answer.

We need not have heard that voting with all its crude elements of parochialism superseded other more scientific variables in selecting the VC. This piece is actually not trying to remake any laws for the university; it is just that the appointment of the V C of this institution ought to have been an entirely internal university affair. The person or persons who gave Prof. Nwakoby the documents, which clearly saw him as topping the selection list, must have done incalculable harm to the university system wherein stu-

dents may begin to contemplate albeit distantly on the idea of voting who will be the best student after the marks must have been allocated.

We need not to have heard of powerful businessmen determining for a university who a VC would be. The truth remains that there is a serious bastardization of the system with no clear institutions to champion causes or remonstrate arbitrariness. God! Our symbols of positive, life changing communication seem totally vanquished: the church is unrepentantly venal; the traditional institution supine and the Ivory Tower inert and vacillating.

The polarities and cleavages created by the noisome selection if not well handled will continue to reverberate in the life of the university's present administration. Some persons may claim ownership of the administration and thereby get demanding of recurrent nepotism from the new VC. Others who feel sufficiently out of whack from his good books may decide to foment trouble. Prof. Ahaneku's posture for now should be one of reconciliation with all and sundry even to the anger of many of his supporters. The present spate of advertorials in the dailies, whose only value is the mess they have made of the public image of UNIZIK must stop forthwith.

The new VC Prof Joseph Ahaneku has a serious assignment with history. His entry does not seem overly favoured by history. What he however does or fails to do with his tenure will obviously determine his final address within the province of faithful history.

• Agusiobo (agusiobo2v@gmail.com), a communication scholar contributed this piece to OKONKWONETWORKS@googlegroups.com

Suarez and the limitations of talent Tayo Ogunbiyi

U

ruguayan-born football whiz kid, Louis Suarez is, no doubt, a talented footballer. Last season, before he finally agreed to stay with his club, Liverpool FC of England, he was a subject of fierce transfer speculations as most major clubs in Europe jostled to snap him up from the service of Liverpool FC. Though he started the 2013/14 English Premier League, EPL, season late, having earlier been suspended for nine matches, Suarez still emerged the highest goal scorer with 31 goals. Not only that, for his amazing exploits on the field of play, he was overwhelmingly voted the EPL Player of the Season. Such is the unbelievable strength of Suarez talent.

As he does for his club, so also he does for his Uruguay national team. That Suarez is the life wire of the Uruguayan national team is an understatement. At the 2010 World Cup in South Africa, Suarez was partially part of the reason Uruguay got to the Semi Final, breaking the hearts of many Ghanaians, and indeed, Africans, in the process. He has equally repeated his heroic acts for his country at the on- going World Cup in Brazil when he single-handedly took England to the cleaners, scoring two great goals in their Group D second match, which England eventually lost 2 nil. This defeat finally nailed the coffin on England’s chances of moving to the next

stage of the competition.

It is, however, unfortunate that Suarez has not been able to properly leverage on his huge footballing talent and popularity to tame his disgusting on-field acts. Rather than being remembered for his footballing exploits, the sheer mention of Suarez’s name, ironically, now evokes bad memories as a result of his numerous shameful acts of biting fellow players on the field.

While still plying his footballing trade at Holland, Suarez was involved in a brawl involving players from his erstwhile team, Ajax Amsterdam and PSV Eindhoven in a Dutch league match. Bakkal, a PSV player, confronted Suarez in the skirmish, but the Uruguayan simply leant over and bit him on the neck. Though Suarez later apologized to Bakkal, the havoc had already been done.

Similarly, in the closing stages of a 2012/2013 EPL game between his team, Liverpool FC and Chelsea FC, Ivanovic and Suarez jostled for the ball in the penalty area, to which Suarez responded by biting the Serbian defender on the arm. Suarez was immediately fined by his club, and later banned for ten games by an English FA panel, who criticized him for “not appreciating the seriousness" of the offense by arguing that he should not receive a lengthy ban. The FA said they hoped the suspension would send a "strong message that such deplorable behaviours do not have a place in football".

As if he has not done enough havoc to the game, his name, family and country, Suarez recently made it a hat-trick of biting during a Brazil 2014 World Cup game against Italy in Natal, when he bit Italian defender, Giorgio Chiellini, on the shoulder during a penalty area scuffle. Showing off another part of himself as a man of low integrity, Suarez went down holding his own teeth after the incident, claiming that Chiellini had hit him in retaliation. The incident was not seen by any officials on the pitch, but FIFA guidelines state that incidents of ill-discipline can be punished afterwards. It was, therefore, not surprising when the FIFA Disciplinary Committee decided to suspend Suarez for nine official international matches and a further four months from taking part in all football related activities. The sanctions take immediate effect.

Football is, without doubt, a contact sport that involves physical struggles.

There are, however, certain boundaries that players should not cross. Suarez has flouted the rules of the game on numerous occasions. Aside biting opposition players, he was sometimes found guilty of racially abusing Manchester United's Patrice Evra during an EPL match. Suarez has clearly demonstrated that the rules of the game mean nothing to him. Neither does he have any regard for the spirit of sportsmanship and fair play. His inability to turn a new leaf in spite of numerous sanctions in the

past is simply an indication that his talent is not enough to make him a legend of the game.

It is rather sad that now that FIFA is making efforts to promote fair play, Suarez has decided to further bring the game to disrepute through his awkward behaviour.

Football has become a global brand that commands huge followership with numerous young people looking up to some of the famous players as role models. Hence, if the likes of Suarez are not tamed, they could become bad examples to the youth.

It sends out the wrong message to football fans. Actually, if Suarez had bitten someone outside the soccer field, he would be culpable of assault and drawn into to criminal trial. It is, therefore, worth commending that FIFA has stood in support of the game by punishing Suarez.

The Suarez case has clearly brought to the fore the limitations of talent in man’s quest for excellence in life’s pursuit. Talent is God-given---whether in sports, entertainment, business, oratory, leadership or writing. However, talent is not enough. According to H. Jackson Brown Jr., author of ‘Life's Little Instruction Book’, an inspirational book, “talent without discipline is like an octopus on roller skates. There is plenty of movement, but you never know if it is going to be forward, backwards, or sideways.” How apt!

• Ogunbiyi wrote from Alausa, Ikeja.

INVESTIGATION Monday, JULY 7, 2014

21 NEW TELEGRAPH

www.newtelegraphonline.com/investigation

ISIOMA MADIKE Editor, INVESTIGATION

isioma.madike@newtelegraphonline.com isiomamadike69@gmail.com

Kidnapped Chibok girls. Inset: Bisalla

Boko Haram:

Nigeria’s rampaging monster Religious-related violence and killings may not have been a new phenomenon in Nigeria.

But, the spate of bombings and killings being perpetrated by the northern-based Boko Haram terrorists in recent times is somewhat becoming a threat to the corporate existence of the country as an entity, writes ISIOMA MADIKE

T

he Managing Editor, North, of New Telegraph, Suleiman Bisalla, became one of the latest victims of the deadly Boko Haram bombings. He was among the 21 persons confirmed dead in Wednesday, June 25, bomb blast at the EMAB plaza in Abuja.

The 46-year-old journalist was said to have left the Abuja office of the newspaper at about 3.30 p.m. on that day for “the EMAB plaza to fix his faulty phone.” Bisalla, a former Deputy Editor of Daily Trust Newspaper in Abuja, hailed from Gindiri in Mangul Local Government Area of Plateau State.

A day before that unfortunate incident, 26 others, comprising of 21 soldiers and five villagers, were equally

sent to their early grave. The sect, according to a survivor and hospital officials, overran a military post near Damboa town in Borno State.

A soldier, who escaped the attack, said the gunmen came in over 10 trucks and motorcycles armed with heavy weapons like rocket launchers, antiaircraft and several assault rifles.

“They came in their dozen, driving over 10 trucks and several motorcycles; we were at our normal duty post in Bulabulin-Ngaura Village. None of us expected anything; the attack was a terrible one,” the soldier said.

In like manner, the Islamist militants had launched simultaneous attacks also on villages close to the town

from where more than 200 schoolgirls were kidnapped in April. That incident claimed over 30 lives.

The terrorists had mounted two deadly attacks, bursting into four churches in the village of Kwada, where they sprayed gunfire at Sunday worshippers before setting the churches alight.

“They killed dozens of people and burned houses after attacking worshippers,” said Mallam Yahi, a member of a local self-protection force, who fled to the nearby town of Chibok, six miles away, from where the schoolgirls were abducted.

There have been several other attacks even after all these where thou-

sands of people have been killed in the past year despite a state of emergency imposed on some states of the Northeast since May, 2013. Abuja, the nation’s capital has been touched also on a number of occasions in recent times.

These attacks has, somewhat, raised concerns that the Nigerian army has failed to make good on pledges to improve security in the areas where the militants have long had the upper hand.

Reactions President Goodluck Jonathan in his reaction to these spate of killings, said in a sombre tone, "this is the darkest phases in the history of our nation but surely we will get over it. It is extremely painful that when some Nigerians are working hard to take care of their families and train their children, others are busy planning to kill them."

The Christian Association of NiCONTINUED ON PAGE 22

22 INVESTIGATION

Sanctity of Truth

‘Killings, part of total terror equation'

Monday, July 7, 2014

CONTINUED FR O M PAGE 21

geria (CAN) has also been reacting.

Its president, Pastor Ayo Oritsejafor, believes that Nigeria cannot end Boko Haram insurgency if people, especially leaders of the North are not saying the truth.

“The Boko Haram members will not listen to me because I do not have the same ideology they have. We must look for a way to end the sect’s menace,” he suggested, adding that he was not against dialogue with the terrorists.

To Babangida Aliyu, Governor of Niger State, “what Boko Haram is doing is un-Islamic and must be condemned.

The right Jihad in this 21st century is the one that improves the standard of living rather than seek to destroy lives.”

Dr. Ona Ekhomu, President of the Association of Industrial Security and Safety Operators of Nigeria (AISSON) and first chartered security professional in West Africa, has, however, said that the killing of the innocents by terrorists is part of the total terror equation.

“Terrorism is intended to put fear in the entire population and make people think that they could have been the victims. That is why terrorists like bombs and other weapons of mass effect that can kill indiscriminately. It is by spilling the blood of innocents that they can shock the populace. Cruelty is how they get attention.

“The other reason terrorists commit heinous acts is to win over sympathisers by making the populace believe that their governments are incapable of protecting them. So, the cruelty is also intended to show the impotence of government security apparatus,” Ekhomu said.

Oritsejafor

Yusuf

Aliyu

North, not new to insurgency But, the people of the northern part of Nigeria are no strangers to bloodletting instigated by the Boko Haram terrorists and allied fiery religious fundamentalists. In the past, there had been religious uprisings and riots in different parts of the North. Though, it has taken a new, deadlier dimension in recent times.

Nigeria before now had always prided itself as a nation of unity in diversity.

It has maintained same as a foundation on which the country’s nationhood is built. Yet, the bond that glued the various facets of the country has, however, been threatened on several occasions with the surge of violence in states like Borno, Yobe and Adamawa.

The sect was founded and led by the late Maiduguri-based Muslim cleric, Ustaz Muhammad Yusuf, who suddenly became an Ayatollah. He was a demigod to his followers.

The hitherto unknown cleric, before his controversial death on Thursday, July 30, 2009 had a mission; to abolish the Western education system and install an Islamic revolution as well as

government in the country. Boko Haram, which translates to, “Western education is sin,” was what Yusuf inculcated into his followers.

The first deadly foray of the sect, which brought them into public consciousness, was on Thursday, June 11, 2009 in which about 17 members of the sect were shot and wounded by the police. They had refused to wear crash helmets in Maiduguri, the Borno State capital. Yusuf then threatened to launch a reprisal, which he did on Sunday, June 14 of that year.

On Tuesday, July 21, 2009, nine members of the sect were arrested and paraded by the Borno State police command the following Friday, July 24. It was alleged that the suspects were in possession of 74 empty locally-made bomb shells and explosives devices.

In what looked like a coincidence, a locally-made bomb exploded that night in the residence of another member, named Hassan Sani Badami. The explosive killed him instantly, while his unnamed friend sustained severe injuries. By Sunday, July 26, 2009, the terrorists launched an attack on the police

in Bauchi, the Bauchi State capital, to, according to them, vent their anger.

And like a wide harmattan fire, the violence spread to other states in the North. Within the period, over 60 people were reportedly killed in four days in five states of Borno, Bauchi, Yobe, Kano, Katsina and Sokoto.

With that, the sect leader brought himself into limelight while the sectarian crisis raged on with his followers attacking one police station after another. They chanted: “Laila illahla; away with Boko (western education) and democracy.” Yusuf was quoted as boasting that “the only solution is to flush out this corrupt system. There is no compromise. The solution is not dialogue but to flush out the corrupt system. Prophet Muhammad (SAW) in his life time flushed out all idol worshipers and their leaders and all these evils.

“So, our aim and target is to do so here. The word ‘fear’ has no meaning in Islamic dictionary. I am not afraid to die in this noble cause and I am proud of it. Prophet Muhammad was proud to be killed in the battlefield. My only fear is the anger of Allah, not that of the

Federal Government or the so-called security agencies.”

Indeed, in the Muslim world, the Shiites are said to be the voice of radicalism. In Iran where their headquarters is based, they had produced such shakers of history and Islamic fundamentalists such as the Ayatollah Ruhollah Khomeini, who wrested power from the powerful Shan regime. He made Islam the fulcrum of governance in that country.

Incidentally, the members of radical Islamic sect seem to share this belief and vision with the Shiites but differ in many other ways. For instance, their mode of dressing does not portray them as radicals. But, within them lies a volcano, which eruption is capable of throwing the entire country into conflagration. The members are all over northern Nigeria.

Shekau and members of his sect

Origin of Boko Haram Boko Haram, according to sources, started in 1995 as Sahaba and was initially led by Lawan Abubakar, who latCO NTINUED O N PAGE 23

INVESTIGATION

Sanctity of Truth

Monday, July 7, 2014

23

Group modified tactics after Yusuf 's death CONTINUED FR O M PAGE 22

er left for the University of Medina in Saudi Arabia for further studies. Yusuf was said to have taken over the leadership after the departure of Abubakar and indoctrinated the members with his own teachings, which he claimed were based on purity.

He was said to have commenced what many described as intensive membership mobilisation after his first release from police custody in November 2008 in Maiduguri, a process said to have recorded huge success.

He allegedly had over 500,000 members before his demise and usually taxed them one naira, which approximated to N500, 000 daily. He was said to have also driven the latest cars and used modern technologies, but banned members of the sect from using western materials, which he claimed was sin to Allah.

He rebranded and re-emerged with what was popularly referred to in some quarters then as the Nigerian Taliban, in 2004. He set up a base in Kanamma village in Yobe State, on the border with the Nigeria Republic.

From the base, the members of the sect launched attacks on police outposts and killed scores of officers. Reports said membership was mainly drawn from university and secondary school dropouts then. The widespread of the membership and its militant nature is said to have been responsible for its spontaneous strikes across the North.

In Maiduguri, where their headquarters is sited, the gun battles have been terrific and fierce over the years. The militants often engage the police for hours, sometimes with reinforcements from neighbouring states.

Also in Bauchi, the sectarian crisis first erupted in the early hours of Sunday, July 26, 2009. The sect had stormed the Dutsen Tanshen police station with the aim of carting away arms and ammunition in the station’s armoury.

They engaged the police in gun battle for several hours in the process.

Police later admitted that the sect members were actually armed with sophisticated weapons such as Ak-47 rifles, locally-made guns, bomb-making

Force Headquarters, Abuja

devices, military uniforms and knives.

In Kano, Boko Haram struck again in July 2009 in Wudil, about 44 kilometres from the state capital. It happened in the wee hours of Monday of that July and left many deaths in its trail.

More than 50 members of the sect, armed with dangerous weapons had attacked the Wudil town police Divisional Headquarters. The Divisional Police Officer (DPO), Sagir Idris, and another policeman on duty were reportedly wounded after the attackers seized two Ak-47 rifles from them.

Death of its leader To nip the festering crisis in the bud, the late President Umaru Yar’Adua ordered the deployment of the military to contain those the government described as dissidents. After initial resistance, the Boko Haram fell to the superior fire power of the military, and Yusuf was captured alive. He was, subsequently, according to military authorities, handed over to the police for further interrogation.

The news of Yusuf ’s capture, as was expected, electrified the entire city almost immediately, with jubilations, even as the police and soldiers on the streets rented the air with sporadic gunshots to herald the fall of the seemingly invincible leader.

Shortly after, conflicting news as to the exact place Yusuf was being held in custody took over with palpable trepidation among residents. While some

Ekhomu

said he was with the army at the Giwa Barracks of the 21 Armoured Brigades, others speculated he was at the police headquarters.

This was the confusion until the more confusing broadcast that announced the rebel’s death hit the airways. He had been killed. But, he did not die alone; his deputy, the original Abubakar Shekau, was said to have been also killed alongside about 200 other followers, as they tried to flee Maiduguri. Yusuf ’s bullet-ridden body was later shown on national television.

Yet, the contentious demise of the once dreaded leader of the Muslim sect, who hated western education with a passion, has refused to put an end to his rebellious act. In fact, the insurgence has, in recent times only assumed a more dangerous dimension. Though, the death of Yusuf, somehow, quelled the uprising in the troubled states then, it opened yet another chapter in the whole terrorism saga.

Terrorists’ new strategy Since Yusuf ’s death, the group has modified its tactics and increased its spate of bombings and killings in the northern part of the country. One of the most devastating was the massacre of dozens of students. The gunmen had stormed a secondary boarding school in the village of Mamudo, Yobe State, where they rounded up students and staff in a dormitory.

The killings marked the third of

Ubani

Ruined Madalla Catholic Church, Niger State

such attacks within three weeks with the rebels said to have thrown explosives and opened fire, killing 32 people, mostly students. The mass murder, however, drew widespread disgust and condemnation.

Also, on April 14, the militants allegedly kidnapped more than 200 schoolgirls from Chibok in Borno State. Soon after the kidnapping, reports surfaced that the sect may have transferred many of the girls from Nigeria to Cameroon, Chad and as far as Central African Republic’s Birao region near Sudan.

In a video released on May 5, the new Shekau announced he would “sell” the schoolgirls as “slaves in the market,” and on May 12, proposed that “if you want us to release your girls that we kidnapped, you must release our brethren that are held in Borno, Yobe, Kano, Kaduna, Enugu and Lagos states, as well as Abuja.”

This variant of terrorist also brought down the towering, elegantly built Louis Edet Building housing the Force Headquarters in Abuja. In what could be likened to familiar tragedies wracking an Iraqi or Pakistani community or a scene out of a horror movie, they shattered all belief, sparking off grave fears in the populace.

Many say that if they could bomb Abuja, the nation’s Federal Capital Territory and seat of government, which from all indications, should be an impregnable fortress, then no one could really be said to be saved. But, they did not stop at that. They also bombed the United Nations (UN) building on Friday, August 26, 2011, killing at least 21 persons and wounded over 60.

The reasons for targeting students in recent times are unclear. But, observers are of the opinion that the intention might be to spawn attention from both home and abroad. While some have called on government to take a more decisive approach to end the “madness”, others warned that military strategy may not resolve the crisis.

For instance, a former police commissioner, Abubakar Tsav, advised the CO NTINUED O N PAGE 24

24 INVESTIGATION

Sanctity of Truth

Monday, July 7, 2014

‘Insurgency, sign of misrule and failure of governance' leader of the brotherhood, Ibrahim ElZak Zaky, was arrested.

Captured suspects of Boko Haram members

spondency that may have led to these acts,” Monday Ubani, a radical Lagos-based activist lawyer and chairman, Ikeja Bar Association, said.

He is not alone. Dr. Oludayo Tade of the Sociology Department, University of Ibadan, also said it is important to note that majority of the victims of crime have been poor people living in poor neighbourhood.

“In order words, there is a socioinequality even in victims of specific crimes. Thus, in talking about hapless Nigerians, who have been victims, you talk about their lifestyle and exposure to unprotected environment. A lot of studies in criminology have shown that the most likely of violent crime are young males, who live in poorer areas. They are also unduly exposed and unprotected by the state.”

Despite Ubani and Tade’s postulation, their arguments have failed to impress Governor Isa Yuguda of Bauchi State, who believes instead that poverty might be far from the reason for the “madness.”

He revealed that there were many of the sect members, who had to quit their lucrative lectureship in Polytechnics to devote their life to “this kind of nonsense.”

Bombed motor park in Sabon-gari, Kano

Mass burial of Boko Haram victims CONTINUED FR O M PAGE 23

security forces to focus more on ground intelligence. That, he said, should be accompanied by an honest attempt at dialogue.

“In a situation like this, what should normally happen is for government to send plainclothes police and security men. If you go in uniform with guns, you will never get information. Go and find out who these people are and who their sponsors are,” he said.

Beyond the death of Yusuf and other factors in the Boko Haram crisis, many,

however, alleged that the mayhem may have erupted due to frustration and economic hardship that pervaded every nook and cranny of the country. Those who hold this view argue that Boko Haram, like other armed insurgents before it in other parts of the country, may be one of the signs of how frustrated the Nigerian people have become.

“What is happening in the country is a sign of misrule and failure of governance. Government has failed the people and life has become worthless in this crime. So, it is frustration and de-

Other religious sects Boko Haram is just one of the many sects that sprang up to declare Jihad in the northern part of Nigeria in recent times.

In 2004, a group called The Al Sunna Wal Jama, attacked police stations and Geidam Kanamma village in Yobe State, killing two policemen. They made away with guns and ammunitions in the station and burnt it down. The group later retreated to a primary school in Kanamma where it hoisted the flag of Afghanistan. It was the military personnel that quelled that uprising, which left over 18 people dead.

Also in 1996, another Islamic sect called Shite, literally set the streets of Zaria on fire, where it clashed with authorities leading to the death of over 40 members of the sect. Afterwards, the-

Maitasine group Prior to this, the country had witnessed a deadly incursion by another group, which called itself the Maitatsine. This sect came with brutal assault on fellow Muslims for what they termed “pure teachings of Islam” to cleanse the “filthy.”

In the 1980s, Maitasine fanatics unleashed terror in the North; in most cases, leading to bloodbath and wanton destruction of lives and properties. The notorious sect comprised a bunch of zealots and Islamic fundamentalists. It was named after its leader and founder, Sheikh Muhammadu Maitatsine, who migrated from Garua, Cameroun Republic and settled in the ancient city of Kano for several years.

The fundamentalists preached and practiced an extreme form of Islam based on what many Islamic clerics called bizarre interpretation of the Holy Qur’an. Though, like other Muslims worldwide, they believed in the Shahadah, the confession of the Islamic creed of faith, “there is no god but Allah and Muhammad (SAW) His prophet.”

Members of this left-wing Islamic movement held Maitasine in high esteem and his band of fanatics carried out clandestine military training in Kano. They fortified their bodies with antidotes to gunshots and allegedly drank human blood. They kidnapped numerous women and children, shaved their heads and slaughtered them.

Their leader constituted himself into law and was adored as a demigod. Soon, he annexed his immediate vicinity like Yan Awaki quarters and subsequently extended his frontiers to other states in the North.

He converted in the process, schools and market places into camps.

The then civilian governor of old Kano State, late Abubakar Rimi, could not contain Maitasine and his army of followers. Consequently, they struck.

Their victims had their throats and their bowels ripped open. They killed with daggers and poisoned arrows.

Before it fizzled out, the conservative estimate of those killed by this armed insurgents was put at over 4, 770 people.

It took a combined team of anti-riot police and soldiers several months before they were dislodged. Their leader was eventually captured alive and identified by one of his numerous wives before he was killed.

Thereafter, his disciples scattered and later regrouped at Bulunkutu quarters, Maiduguri. Before the then state government could realise and checkmate them in 1982, they had struck again, killing over 500 people. They also destroyed public and private properties worth millions of naira.

Two years later in 1984, they regrouped again in Jimeta, Yola in the defunct Gongola State and struck in February of that year, leaving a death toll of over 1, 000 with more than 6, 000 people displaced. It took some time before relative peace was restored.

BUSINESS Monday, July 7, 2014

What's news Oil: Nigeria falls short of 2014 budget assumptions The Federal Government has yet to meet crude production assumptions in the 2014 budget, six months to the end of the year, New Telegraph has learnt.

}p-26

CPS: PFAs’ equity holdings hit N614bn Prior to the final endorsement of the new Pension Reform Act 2014 last week, operators managing the funds had improved on the sector’s equity holdings to N614 billion as at the end of the second quarter of 2014.

}p-26

DSTV may slash rates as local rival debuts The entry of indigeneous pay-TV company, Continental Satellite Ltd is expected to compel DSTV to slash its subscription rates to retain its dominance in the Nigerian market.

}p-27

NAICOM blames insurers for shareholders’ woes Following the failure of the underwriting industry to attain its rightful economic status in the country, the Commissioner for Insurance, Mr. Fola Daniel, has advised shareholders of quoted insurance firms to mobilise themselves and ensure underwriters do the right thing to improve their businesses.

}p-34

BUSINESS CREW AYODELE AMINU, Deputy Editor (Business) Simeon Ogoegbulem, Dep. Business Editor BAYO AKOMOLAFE, Asst. Editor (Maritime) SUNDAY OJEME, Asst. Editor (Insurance) SIAKA MOMOH, Asst. Editor (Industry/Agric) Godson ikoro , Asst. Editor (Money Market) JONAH IBOMA, ICT Editor DAYO ADEYEMI, Property Editor ADEOLA YUSUF, Energy Editor

NEW TELEGRAPH

www.newtelegraphonline.com/business

25 Nigeria has just 3% of her air traffic market, says Fadugba }p-28-29

ayodele aminu, Deputy Editor, business

ayodele.aminu@newtelegraphonline.com ayodeleaminu@yahoo.com

Airlines, others lose N2bn to Abuja airport closure ANOTHER RUNWAY Closure of airport to fix a runway further exposes the need to have another runway at the Abuja airport Wole Shadare

D

omestic and international airlines as well as other agencies at the airports may have lost over N2billion in revenue within the three days closure of the Nnamdi Azikwe International Airport for repairs, New Telegraph has learnt.

Consequently, domestic airlines are making alternative arrangements on the best possible way to bring their passengers closer to Abuja.

The FAAN, through its spokesman, Yakubu Dati had disclosed that aviation stakeholders and intending passengers had been notified of the impending closure.

Specifically, he said: “The management of the Federal Airports Authority of Nigeria wishes to inform the public, especially aviation stakeholders and intending passengers that the runway of the Nnamdi Azikiwe International Airport, Abuja will be closed to traffic for maintenance from Saturday, July 5 to Monday, July 7, 2014”.

This closure to traffic to fix a runway further exposes the need to have a second runway at the Abuja airport, which has become the second busiest after the Lagos airport.

While it is estimated that domestic airlines lost over N200million, foreign airlines such as British Airways, KLM, Luftensa, Ethiopian Airlines, could have lost over N400 million owing to re-routing or suspension of their operations at the airport.

The loss is not limited to the airlines alone. The FAAN, the Nigerian Airspace Management Agency (NAMA),

L-R: Director, Corporate Relations, Guinness Nigeria Plc, Mr Sesan Sobowale; 11-year-old documentary film maker/ initiator of #FollowtheBallforEducation project, Zuriel Oduwole and Managing Director/Chief Executive Officer, Guinness Nigeria Plc, Mr. Seni Adetu, during a hosting ceremony for Miss Oduwole, in Lagos.

the Nigerian Civil Aviation Authority (NCAA) were not able to collect their 5 per cent remittance on each ticket that could have been sold by the airlines.

INEPT DPR has admitted that it had no system for measuring production, other than through monitoring terminal receipts Adeola Yusuf

T

he metering equipment in some of the 28 crude exports terminals in Nigeria, installed by the Department of Petroleum Resources (DPR) are obsolete, New Telegraph learnt at the weekend.

The terminals are 17 Floating Production Storage and Offloading (FPSOs) terminals, five Floating, Storage and Offloading (FSOs) terminals, 5

Equally at the receiving end were aviation ground handling firms, concessionaires and other service providers.

Arik Air, the biggest local carrier, operates 36 flights to

and from Abuja daily. It stands to lose about 65 flights.

Aero Contractors, the secCONTINUED ON PAGE 26

DPR’s metering gadgets obsolete –Investigation Land-based Terminals including the BRT and one obsolete land-based facility.

These developments, according to investigation, have made it impossible to know the actual volume of crude theft in the Niger Delta.

Stakeholders in Nigeria’s oil and gas industry had earlier bemoaned the disparity in figures of crude production in Nigeria by the DPR and international oil companies (IOCs).

But New Telegraph's investigations showed that there is no end in sight to this disparity until the metering challenges are addressed by the DPR, the only agency empow-

ered by law to ratify metering and production data.

A source at the Nigeria Extractive Industry Transparency Initiative (NEITI) told this newspaper at the weekend that his agency, which he said was aware of the obsolete nature of DPR’s metering gadgets, has made several advances to the departments on how to nip the problem in the bud.

“These facilities require periodic monitoring, adequately trained manpower and world class metering infrastructure,” he said.

Executive Secretary of NEICONTINUED ON PAGE 26

WOLE SHADARE, Aviation Editor DELE ALAO, Brands/Marketing Editor CHRIS UGWU, Capital Market Editor Abdulwahab Isa, Finance Editor Chuks Onuanyin, Energy Nnamdi Amadi, Reporter JOHNSON ADEBAYO, Asst. Production Editor

Rates Dashboard INFLATION RATE May 2014..................................8% April 2014...............................7.9% March 2014............................7.8%

LENDING RATE

EXCHANGE RATE

(Parellel As at July 04)

USD . . . . . . . . . . . . . . . . . . N166.50 InterBank Rate . . . . . . . . . 10.50% Pounds . . . . . . . . . . . . . . . . . . N284 Prime Lending Rate. . . . . 16.93% Euro . . . . . . . . . . . . . . . . . . N227.50 Maximum Lending Rate..25.83% • Foreign Reserves – $37.74bn as at 04/07/2014

EXCHANGE RATE

(Official As at June 04)

USD . . . . . . . . . . . . . . . . . . . N155.73 Pounds . . . . . . . . . . . . . . . N267.08 Euro . . . . . . . . . . . . . . . . . . . . N211.61 Source: CBN

26 business | NEWS QUOTA HIKE Nigeria to export 2.15 million barrels daily as stipulated by OPEC Adeola Yusuf

T

he Federal Government has yet to meet crude production assumptions in the 2014 budget, six months to the end of the year, New Telegraph has learnt.

A report by First Bank Nigeria Capital Research, which made this known, revealed that oil output has been short of the budget assumption, putting crude production at 2.3 million barrels per day.

Quoting the monthly report of one of the global news agencies, FBN Capital said: "Oil production by OPEC members highlights an increase of 200,000 bpd for Nigeria to 2.15 mbpd in June."

This data, it said, would represent a welcome recovery from the level of 1.90 mbpd shown in the CBN’s monthly report for April.

"If we assume that the two series are consistent, then we could perhaps explain the movements in output as the result of the vandalisation and subsequent repair of pipelines.

"The level reported for June

Sanctity of Truth

Monday, July 7, 2014

Oil: Nigeria falls short of 2014 budget assumptions still leaves production about 250,000 b/d below the assumption of 2.39 mbpd in the 2014 budget."

FBN Capital therefore, submitted: "In our view, forecasting does not legitimately extend to the pattern of sabotage, so, we wonder at the basis of the official consensus that there will be further recovery in output this year."

The Organisation of Petroleum Exporting Countries (OPEC) had earlier heeded Nigeria's request for increase in oil production as it jacked up the country's June quota by 200,000 barrels per day.

Nigeria will now export 2.15 million barrels per day to the global crude market, June loading schedule of the OPEC has showed.

OPEC, which has a tight control of the crude market, has since 2007 refused Nigeria's quest to raise its production.

Although Nigeria produces about 2.3 million barrels per day, it could only take the required quota for sale at the global crude market.

L-R: Minister of Water Resources, Mrs. Sarah Reng Ochekpe; Head, Broad Access, Globacom, Manish Kochhar and Samuel Abadang, during the commissioning of the Globacom Telecommunication facilities in Abuja.

CPS: PFAs’ equity holdings hit N614bn INVESTMENT Regulated investment guide provided by law for Pension Fund Administrators boosts sector’s share value

Sunday Ojeme

P

rior to the final endorsement of the new Pension Reform Act 2014 last week, operators managing the funds had improved on the sector’s equity holdings to N614 billion as at the end of the second quarter of 2014.

Revealing this in his monthly report, Managing Director, Financial Derivatives Limited, Mr. Birsmack Rewane, restated that total assets of the sector managed by the Pension Fund Administrators also amounted to N4.3 trillion within the same period.

New Telegraph recalls that 10 years after creating the new Contributory Pension Scheme, the PFAs have so far invested about N2.64 trillion in Federal Government securities. The amount represents 63 per cent of the total N4.3 trillion as at the end of March 2014.

Current investment record as revealed by the PFAs shows that a total of N609.8billion had been invested in shares, making up about 15 per cent of the entire pension funds as at the end of the 2013 financial year.

According to the breakdown as at November ending,

N558.17billion or about 14 per cent of the pension assets had been invested in domestic ordinary shares, while N51.67billion or one per cent was invested in foreign ordinary shares.

A total of N1.7trillion or 44 per cent of the funds was invested in Federal Government of Nigeria securities; N643.45billion or 16 per cent in treasury bills; while N407billion or 10 per cent of the funds was invested in local money market securities.

In the same vein, N205billion and N192billon were invested in state government securities and real estate properties, respectively while N83.3billion went into corporate debt securities and N65.7billion invested in cash and other assets.

About N8.7billion was invested in private equity fund, while the rest of the balance

of about N736million was invested in foreign money market securities.

In spite of the gains so far recorded, the PFAs believe that opening more windows for investments would benefit the sector more in the long run.

According to one of the administrators and the Managing Director, ARM Pensions Limited, Mr. Sadiq Mohammed, the issuance of bond in the Nigerian market is reducing and yields also would begin to taper with time, so there might be drought of investment instruments going forward.

He said, “From the capital market, we expect new issues to come up as stakeholders including the Nigerian Stock Exchange (NSE) are working on the background to woo more firms to list in the market, and that we expect will bring liquidity.

DPR’s metering gadgets obsolete C O N T I N U E D F R O M PA G E 2 5

TI had earlier told a gathering in Lagos that there is the need for NEITI to be in attendance at the Monthly Crude Oil Curtailment Meetings at Nigerian National Petroleum Corporation (NNPC).

“We have 28 Export Terminals in Nigeria and most of the metering equipment are obsolete,” she said.

Crude oil production figures from the producing entities, she said, need to be tied to the volumes passed through the available metering infrastructure for proper accountability.

“Hence the need for NEITI to be in attendance at the monthly crude oil curtailment meetings at NNPC-COMD,” she said.

But Director, DPR, Mr. George Osahon, debunked this, saying that there must be pragmatic recognition that the

first point at which the data might be available is at the flow station – not the wellhead.

In a paper made available to this newspaper, Osahon said: “Field meters are not very accurate (+/-10per cent). There is debate about whether the inaccuracy is random … or whether there are systemic inaccuracies.”

According to him, the amount of oil produced (at the wellhead) is not reliably known.

He said in a keynote presentation entitled: “Fluid Accounting and Metering Issues in the Nigerian Oil and Gas Industry" at the Nigerian Association of Petroleum Explorationists (NAPE): “DPR has no system for measuring production, other than at through monitoring terminal receipts; and has no data from which possible product losses between the production point and the terminal can be estimated, measured or inferred.”

Airlines, others lose N2bn to airport closure C O N T I N U E D F R O M PA G E 2 5

ond largest domestic carrier, operates 22 flights to and from Abuja daily, while Medview Airlines operates 12 daily.

It was gathered that the airlines might likely operate their flights into Lagos from where passengers may proceed to Abuja by road.

Supervising Minister of Aviation, Dr. Samuel Ortom had recently inspected the runway following concerns

that some parts of it were ruptured. At the visit, he had said that the ruptured areas would be fixed as soon as possible.

But the carriers are making alternative arrangement for their passengers who wish to come to Abuja by using Kaduna airport as alternative aerodrome.

A statement from Aero Contractors obtained by this newspaper stated that intending passengers to Abuja for that period may wish to con-

sider “our alternate flights to Kaduna due to its proximity to Abuja”.

The airline said: “This is to inform you that due to the planned renovation work at the Nnamdi Azikiwe International Airport Abuja, the airport will be closed from Saturday 5th (midnight) to Sunday 6th July, 2014. Intending passengers to Abuja for that period may wish to consider our alternate flights to Kaduna due to its proxim-

ity to Abuja. Kindly visit our website http://flyaero.com or contact us on 01 6284140. We regret all inconveniences the situation may cause you. All our regular flight operations into Abuja will be resumed by Monday of July 7, 2014”.

While operating Abuja flights during that period to Kaduna, some other airlines told this newspaper that they shut down their operations to Abuja until after the rehabilitation of the runway.

BUSINESS | NEWS

Sanctity of Truth

Monday, July 7, 2014

INTERVENTION The industry's fuel bill last year totaled $209 billion, which was about $33 billion higher than 2012 Wole Shadare

E

xcept something is urgently done to bring down the spiraling cost of aviation fuel and crude oil, the global aviation industry will continue to witness strain on their businesses.

That was the verdict of the Chief Executive Officer, Financial Derivative Company Limited, Bismarck Rewane, in his economic news views for July 2014.

Since 1990 when it was sold at $20 per barrel, crude oil price has jumped to about $120 in 2014, making it extremely difficult for carriers to cope as aviation fuel gulps over 40 per cent of airlines’ revenue.

To buttress Rewane’s claims, Director-General of the International Air Transport Association (IATA), the clearing house for world airlines, Tony Tyler, said that the industry's fuel bill last year totaled $209 billion, which was about $33 billion higher than in 2012, and "this year we are expecting to pay an additional $7 billion," he said.

While growth in demand for air travel is expected to exceed capacity gains in all regions except Europe, the higher yields that result will only go some way to offsetting oil prices that have risen sharply since the organisation’s previous quarterly forecast.

Despite the challenges, Rewane stated that air travel

27

Spiraling JET A1 price strains global aviation –Rewane growth remains robust. But one noticeable area of decline according to him, is in the area of premium travel, which is fast shrinking. This is most likely the result of a drop-off in business travel because of the general economic downturn in the world.

Company budgets have largely put the kibosh on first class travel for its employees and even business class travel can be difficult for some. As airlines look for the right mix of seats to accommodate higher paying customers, favoring business class and premium economy seats over first class seems to be the logical step to take.

Major industry study written by Oxford Economics and commissioned by Amadeus, forecasts travel to grow by 5.4 per cent per annum over the next 10 years, outpacing global Gross Domestic Product (GDP).

Report also predicts that large emerging markets will be driving this growth, with China set to surpass the US to become the world’s largest outbound travel market this year and the biggest domestic market by 2017 The FDCL boss stated that Arik Air, which plans to commence direct flights to Dubai later in the month would have to compete strongly with already established Middle Eastern and other carriers like Emirates, Etihad, Qatar, Ethiopian and Kenya Airways for the saturated route to make an impact.

In its bid to expand operations into the Middle East, Arik is expected to begin operations July 28, 2014 and will operate five flights weekly. It will be the first Nigerian airline to ply the Abuja-UAE route.

The Lagos-Dubai route accounted for over 200, 000 passengers in 2013 and may have

risen to 300, 000 as a result of increase in international traffic and the marginal increase in domestic traffic.

Rewane highlighted security concerns at the Murtala Muhammed Airport, Lagos occasioned by construction of car park and hotel that have led to congestion and severe incon-

venience for airport users. He also lamented the administrative and technical hitches that continued to slow the pace of work.

He further stated that governments across the globe benefit from the over annual $120 billion from tax with its attendant job generation.

L-R: Business Head, Ranona Limited, Promender Sethi; Brand Manager, Foluke Makinde and Head, Business, Africa, Sivaswami Raghavan, during the launch of Freshyo, from the staple of the company in Lagos.

DSTV may slash rates as local rival debuts Global house prices boom as Siaka Momoh

T

he entry of indigeneous pay-TV company, Continental Satellite Ltd is expected to compel DSTV to slash its subscription rates to retain its dominance in the Nigerian market.

DSTV is a leading satellite cable TV service from Multichoice in Nigeria and across Africa. It offers direct to home DTH pay TV services to customers across Africa and has continued to dominate the Ni-

gerian market.

But experts at Financial Derivatives Company Limited said that local pay-tv company, Continental Satellite Ltd, is expected to give DSTV a run for its money.

Meanwhile, retail sales in June showed a slight recovery after a disappointing month.

Sales were up six per cent in the Victoria Island, Lekki and Lagos central business district and retail prices at the supermarkets were flat due to consumer resistance, Bismark

Rewane said at the Lagos Business School monthly breakfast meeting for June, 2014.

He said that inventory levels were unchanged from May, running at a four-week forward stock level and that many shops had increased inventory pile up when the naira was under pressure.

Rewane explained: “The trade-off between carrying cost and the hedge against exchange rate risks makes a higher inventory cost uneconomic.”

Quality review: Cement makers back reps ajor cement manufacturM ers in the country have promised to align with the House of Representatives’ position that the 42.5mpa cement grade should be the minimum standard of quality that should be produced in Nigeria, while all expired ones be withdrawn forthwith from the market.

Major manufacturers of the product in the country such as Bua, Ibeto and Dangote, said long before the quality review by the Standard Organisation of Nigeria (SON), which pegged the 42.5 grade as being

for general purpose use, that they have been producing the quality grade.

A House of Reps ad-hoc Committee on cement composition and pigmentation had, after a public hearing, submitted its report, in which it directed SON to commence implementation of its cement standardisation, asking manufacturers to retool their machineries for the production of the higher grade.

The committee, according to a statement, noted that its recommendation was based on the fact that if offered the

chance to choose between 32.5 and 42.5 grades of cement, consumers would opt for the 42.5 grade and that because those employed for construction are mostly non-professionals it would be in the nation’s interest to adopt a cement grade that is less susceptible to wrong application.

Chairman of Bua Cement, Abdulsamad Rabiu, said after a meeting in Lagos, that what the House of Reps has done was a patriotic move that should be supported by all manufacturers with the safety and well-being of the people at heart.

foreign investors flood Lagos

Dayo Ayeyemi the seeming lull in Dtor,espite the Nigerian real estate secglobal house prices have

been experiencing a boom.

According to the latest monthly economic report of the Financial Derivatives Company Limited, global house prices have witnessed approximately 20 per cent increase.

The report, however, pointed out that real estate activities in Lagos, have also been improving, while foreign investors have continued to flood the city despite insecurity issues in the north.

“Real estate activities still improving in Lagos and foreign investors continue to flood the city despite insecurity issues in

the north,” the report said.

Already, estate agents are looking for buyers before the property is completed, while Eden Heights luxury apartments on Elsie Femi Pearce is now available for sale.

According to the report, the marginal increase in house price has been raising prospects for recovery from economic recession globally.

The Bismark Rewane-led FDC report stated that house prices in the United Kingdom went up by 7.35 per cent year-onyear in first quarter of the year, while residential properties in Ireland witnessed 7.5 per cent increase in prices.

According to the report, Dubai house prices increased by 31.57 per cent.

Rave table water to boost market EN years on, Rave table waToasis ter has grown from little to become a household

name in Delta State and the South South region, its base since it opened for business on January 13, 2004.

Management of the firm, which is under GKO Properties Limited, said it is set to take over the market with its

unique range of products, which includes 1.5 cl; 75 cl; 50 cl and 33 cl, a creation of GKO available only in Rave.

With the source of water attributed to a natural stream, the management said it is committed to providing healthy and hygienic water at competitive rate to meet the demand of the public for adequate water.

28 MONDAY| INTERVIEW

Sanctity

Monday, Ju

Nigeria has just 3% of her air t Nick Fadugba, former Secretary-General of the African Airlines Association (AFRAA) has provided various consultancy services and advice to African and international airlines finance, insurance companies and some governments.

He established African Aviation Services (AAS) in 1990 with a Pan-African vision of promoting aviation development in Africa. In this interview with AVIATION EDITOR, WOLE SHADARE, he spoke on a wide range of issues affecting Nigerian and African airlines and how they can get out of the woods.

Excerpts Fadugba

Foreign airlines have taken all the market in Nigeria and government policies encourage them to do that. How in concrete terms can we remedy the situation?

It is very, very difficult. Once you have given away your market in a legally-binding air services agreement, it is difficult to renege on the contract. How do you tell a foreign airline that you have willingly given, say, 10 frequencies that you are now reducing the number of frequencies it is enjoying? Even if you do so, do you have local airlines that can readily fill the gap and provide the same efficient and high quality service? It has become a big problem for airlines in Nigeria because various Nigerian governments have been very generous in giving traffic rights, concessions, designations and entry points to non-African and African airlines alike. Meanwhile, Nigerian airlines are now left with just three per cent of the air traffic market to and from Nigeria.

African airlines collectively carry only 20 per cent of the air passenger traffic to and from Africa. Nigeria has the largest economy in Africa as well as the most vibrant air transport market in Africa and it is hard to rationalise and justify why Nigerian airlines have such a small share of their own market. However, the fact remains that Nigeria is a signatory to the Abuja Treaty of 2004 under which the Yamoussoukro Decision of 1999, liberalising African skies, is legally-binding. I believe that Nigeria should stand by the Yamoussoukro Decision and honour the Abuja Treaty.

Let us look at the Yamoussoukro Decision (YD). There have been campaigns to liberalise the African skies but practically some countries still kick against it. What is the way out?

The Yamoussoukro Decision was meant to open up the skies in Africa to African airlines but it has not been fully implemented by some countries. This decision is legally binding on African countries which have signed the Abuja Treaty of 2004, although some have still

not enforced the Decision seemingly to protect their local airlines. Some countries are reluctant to enforce it and we have queried why they signed a legallybinding agreement which they did not intend to implement. That is where we are today. The fact is that if you take Nigeria as an example, a few local airlines are in a position to respond to the competitive challenge posed by Ethiopian Airlines, Kenya Airways and others. For example, Arik has traffic rights between Lagos and Addis but, as Captain Meggison mentioned, the Nigerian passenger traffic is normally going beyond Addis.

Most Nigerian travellers are not going to Addis Ababa, they are going to Dubai and to China. I would have wished that when Arik entered into that agreement they had negotiated traffic rights beyond Addis Ababa, or formed a partnership to feed traffic to Ethiopian Airlines and vice-versa on a win-win basis.

Some Nigerian airlines are not yet ready to operate the regional and longhaul routes that are currently available.

Which Nigerian airline is going to fly to Dubai head-to-head with mighty Emirates? I believe Arik Air intends to do so, and this will be a big test for the airline.

Defunct Virgin Nigeria Airways tried this route for six months and then pulled out as it was losing too much money. Lagos-Dubai became a hole in the airline’s pocket. Nigeria has allowed African and non-African airlines to fly to Nigeria and these carriers are now very well established. They have diligently built up their customer base and captured market share. It will be very difficult for Nigerian airlines to successfully compete with these foreign carriers, but not impossible if they can provide an even better service.

Agreed that mistakes have been made giving out these frequencies in the past, how do we remedy the situation instead of continuing with the same error?

I believe it is time for a high level meet-

ing in Nigeria of all aviation industry stakeholders to review where we are as a country, where we should be and how we can get there. We should review everything, including air traffic rights, market access, the Yamoussoukro Decision, the regulatory framework, aviation financing, aircraft fleet modernisation, aircraft maintenance, repair and overhaul (MRO), joint ventures and partnerships, airport and air traffic control infrastructure, and many other issues. It should be two or three days of intense deliberation on the aviation challenges and opportunities facing Nigeria and the way forward. We should address how we can salvage the aviation industry and collectively move it forward. What has happened in the past is that either politicians or regulators formulate policies and rules for the industry. It hasn’t worked and it won’t work.

For instance, look at the national hanger project, as well as the recent national airline project which was conceived behind closed doors. It was no doubt conceived in good faith, but there was no open discussion. It can never work, especially in Nigeria where everybody is very vocal and has their own opinion on every matter.

So I would recommend that we sit down together and find practical ways to transform the Nigerian aviation industry. Of course, as we have seen in the past, no matter how brilliant the proposals from

The fact is that if you take Nigeria as an example, a few local airlines are in a position to respond to the competitive challenge posed by Ethiopian Airlines, Kenya Airways and others

such a meeting may be, there is no guarantee that in 10 years’ time the report will not be sitting on a shelf somewhere gathering dust. So, implementation will be the key to success.

Nigeria has opportunity to become a major aviation hub in Africa but it seems to have frittered away those chances.

Ideally, in 2004, the government of Nigeria should have privatised the lossmaking national carrier, Nigeria Airways, rather than liquidate it. The government of Kenya followed this strategy and Kenya Airways is now one of the leading airlines in Africa. Running a successful airline is a very difficult job. You need deep pockets, a viable business plan, competent management and an enabling regulatory and economic environment to run a profitable airline anywhere in the world. Many Nigerian airlines today are disadvantaged from the outset, in terms of their aircraft fleet size and commercial viability and the operating environment.

Captain Nogie Meggison, Chairman, Airline Operators of Nigeria (AON), told the African Aviation Summit 2014 and 23rd Air Finance for Africa Conference and Exhibition in Addis Ababa that the AON has 26 airline members and their average fleet size is around three aircraft. Now compare this to Ethiopian Airlines which currently operates 50 aircraft to 81 destinations across five continents with over 200 daily flights, with no real domestic competition. Government-owned Ethiopian Airlines has a turnover of over $2 billion and a net profit exceeding $200 million. What I am saying is that in today’s world, for airlines to survive and prosper, they need a critical mass of aircraft and air traffic and an optimal route network. If you look at Arik Air, to its credit, it has most of the ingredients to be effective and efficient. It has the largest airline fleet in Nigeria, with over 20 modern aircraft, the largest route network and almost certainly the largest revenue

MONDAY| INTERVIEW 29

of Truth

uly 7, 2014

traffic market, says Fadugba airline industry back. Whether it is the stiff competition from foreign airlines; a non-conducive aviation regulatory environment in Nigeria; or whether the problem rested primarily with Nigerian airlines in terms of their business strategies which have prevented them from competing effectively? These are the three key areas I believe deserve attention. Dr Harold Demuren, the former Director General, Nigerian Civil Aviation Authority (NCAA), who participated in the conference, was very clever and said it is a combination of all of these three factors.

Government leadership and especially ministers of aviation in Nigeria should avoid the temptation of having vested interest in aviation projects; or having certain airlines which they favour. These practices have been the bane of the Nigerian aviation industry; and Nigeria has suffered the consequences. In this regard, I would recommend that government ensures that all aviation decisions are based on national interest, rather than personal interest. Government should be commended for waiving taxes on imported aircraft spare parts and, working closely with the Nigerian aviation industry, it should explore further areas of possible assistance, so as to remove barriers to growth.

In short, the airlines are trying their best to succeed, but the regulatory and economic environment in which they operate is quite tough. I always admire them for their efforts, but believe they could be more successful by forming partnerships and joint venture.

BIODATA Previous positions: Secretary General, African Airlines Association. He was in 2003 presented with an individual Achievement Award for his “Outstanding Contribution to the African Aviation Industry”.

Work Experience: Wide range of consultancy since 1988. Advisory services to African and international airlines, as well as to aviation finance and aircraft leasing companies, the aviation insurance market, aviation suppliers and to some Governments. Pioneer international aviation conferences specifically tailored for Africa.

Pioneer, African aviation publishing with the launch of AFRICAN AVIATION, Publisher, Africa's Aviation Industry Journal, in 1990, to promote the African aviation industry.

Years of Experience: Over 28 years

turnover. Will it capitalise on its leading position in the Nigerian airline market?

So, the size and scale of an airline’s operations are important. It is very hard to compete against bigger African and international airlines with just a handful of aircraft. During this conference we also heard from several bankers who said it was difficult for them to finance small and weak airlines in Africa which lack a business track record.

I believe the message for Nigeria, especially if we take Ethiopia, Kenya, Egypt and South Africa as examples, is that airlines need a reasonably-sized fleet to be able to compete effectively. On the other hand, all airlines must start somewhere.

Smaller airlines can succeed if they keep very tight control of their revenues and costs, or focus on uncrowded niche markets. According to Captain Meggison, AON has 26 members. In my view, many of these airlines are competing on the same routes in Nigeria and hence it will be difficult for all of them to operate profitably.

I would like to see airlines in Nigeria enter into mutually beneficial partnerships and joint ventures with each other which would enable them to become more efficient and profitable. In fact, the AON should be championing this cause. All the airlines in Nigeria are owned by shrewd business people who, in addition to wishing to provide safe and efficient air services, also wish to make a decent return on their significant investment. Combining forces could help achieve these two objectives. I would like the airline owners, at least, those that are willing, to sit in a room, lock the door, and ask themselves: ‘How can we work together?’

If two or three or more Nigerian airlines joined forces they would have a larger fleet size and combined resources and would become more bankable and more formidable. I believe sincerely that Nigeria has all the ingredients for a successful airline industry but many of the players are too small, weak and undercapitalised to take advantage of the market opportunities. It is not a good thing for Nigeria that its airlines, according to Captain Meggison, carry only three per cent of the international air traffic to and from Nigeria. There is no other country in the world that would allow such a situation, apart from those with no airline industry and no sizeable air traffic market. You can imagine what Kenya, Egypt, Ethiopia and South Africa, etc, think of Nigeria.

They believe this is a joke. They would

Fadugba

never allow it themselves. They can never understand why this is the case in Nigeria, of all places. In the aviation industry worldwide, nobody understands it. How a country can have such a vibrant air transport market and yet its own airlines don’t benefit from it. Every airline that flies to Nigeria makes good money, apart from Nigerian airlines. It is a paradox.

Fadugba

What will government do to limit frequencies and empower the domestic airlines?

I posed a question to Captain Meggison during the African Aviation Summit 2014 held in Addis Ababa. I asked him to list in order of priority the three most serious factors which are holding the Nigerian

Africa has the highest insurance cover in the world because of so many crashes. What does it portend for African and Nigerian airlines?

Aircraft insurance is compulsory for all airlines. You cannot fly without it. It is not an option for airlines. They must have it. Now, the pricing of aircraft insurance is fixed by underwriters who are mainly based outside Africa, such as at Lloyd of London. Underwriters rarely visit airlines directly. They fix the price based on numerous factors such as market capacity, historic and current losses, the overall airline industry safety performance, the loss record of individual airlines, and the size and value of airline fleets. Aviation insurance brokers contend that the cost of insurance has been reduced in recent years. However, for many African airlines this may not have been the case. Unfortunately, according to IATA and ICAO, Africa has the worst air safety record of any global region.

Hence, its airlines are likely to pay more for their insurance cover. Also, due to their small aircraft fleet size, many African airlines pay proportionally more for their cover. In the main, large international underwriters do not rate small African airlines very highly. To reduce their costs, it is advisable that African carriers work closely with leading insurance brokers and try to put across a success story to underwriters. Nigerian and African airlines could also consider forming groupings to negotiate reduced rates through collective cover. This can be tricky though, especially if the airlines are very different in size and have contrasting safety records.

US-based Delta Air Lines has a fleet of over 600 aircraft, more than the combined fleets of all African airlines. With that number of aircraft and with its safety track record you can be sure that Delta will obtain a lower insurance rate than the average airline in Africa insuring a fleet of less than 10 aircraft.

30 business | FINANCE

Sanctity of Truth

Monday, July 7, 2014

BDCs: Facts behind CBN’s recpaitalisation bid Godson Ikoro

T

he recent review of Bureaux de Change (BDCs) operations by the Central Bank of Nigeria (CBN) drew the flak and outcry from the operators.

Expectedly, it triggered off a high powered lobby group and some behind the scene moves from the Association of Bureau de Change Operators of Nigeria, (ABCON), at both chambers of the National Assembly, culminating in the House of Representatives summoning the CBN Governor, Mr Godwin Emefiele, to appear before its Committee on Banking and Currency for further explanations.

Penultimate week, the apex bank had accused the operators of rent seeking, sharp practices and flagrant disregard of the objectives and principles in the guidelines for the operation of BDCs. Increase in capital The governor, in exercise of his duties, wielded the big stick against the BDCs, by reviewing upward their minimum capital base from N10 million to N35 million; caution fee from N3.2million to N35 million; and yearly renewal from N10,000 to N250,000. The Licence fee was also raised to N1million and the application form cost too.

ABCON’s response In their reactions, the BDCs had claimed that they are the most effective and efficient monetary tools of the CBN for waging its currency war from 2006 to June 24, 2014 when the new policy was announced. The operators insisted that they attract a lot of skillful entrepreneurs into the sector, provide employment opportunities, and eliminate the circulation of fake currencies. They also claimed that the CBN makes an average of $7.4 million as monthly commissions on BDC transactions while creating a turnover of $1.4 billion dollars for commercial banks.

Besides, the operators said that the policy would weaken the naira with the attendant increase of inflation in the economy. They also said that the policy will create rent seekers to benefit from it, just as they argued “that the N35 million caution fee is not specific, measurable, achievable, realisable and ill timed.”

Acting president of ABCON, Mr Aminu Gwadabe, said that the policy is suspicious and lack essence because BDC’s are not deposit takers.

However, according to Justice Chukwudifu Oputa of the blessed memory, “God gave humans two ears so that they can patiently and objectively listen from both sides. And thereafter, they can pitch their tent with superior argument.”

The realities While making its pronouncement, the banking watchdog cited its enabling Act, the foreign exchange (monitoring and miscellaneous provisions) Act 17 of 1995 and the BOF1 Act of 1991, which vested it with the powers to licence and regulate BDC operation in Nigeria.

New Telegraph gathered that the apex bank carried out a survey on a sample of 130 BDCs, based on their volume of purchase from banks. It found that out of 130, about 121 BDCs representing 96 per cent were in breach of the objectives and provisions of the guidelines. They were found to be flight by night organisations, like the finance companies of

Jonathan

the 1990s.

According to the survey, majority of the BDCs, had no accounting records as everything is done on cash and carry basis.

In addition, majority of the BDC, relocated without approval and majority had no sales documents and so cannot track their sales. It was also discovered that several BDCs use the same address; a high percentage of them sell over the approved two per cent margin allowed by the guidelines, some were involved in sharp practices, and the Nigeria customs reported the export of dollars through the airports.

When juxtaposed with the provisions of the guidelines, further deficiencies in the operational effectiveness of BDCs, runs counter to the objectives of the Act. The resultant effect was the avalanche of rent seeking operators only interested in widening the margins and profits from the foreign exchange market, regardless of prevailing official interbank rates.

Consequently, the sector has completely abandoned the objectives for its establishment.

The survey also showed that depletion of the country’s external reserve could be attributed to unusually large number of BDCs. It also discovered potential financing of unauthorised transactions with foreign exchange procured from the CBN window.

The survey also indicated the gradual dollarisation of the Nigeria economy with attendant adverse consequences on the conduct of monetary policy and subtle subversion of cashless policy initiative.

Furthermore, the study also noted the inadequate level of the minimum paid up capital of N10 million, compared with other CBN-regulated entities that have had their capital review upwards over the years.

There was prevailing ownership of several BDCs by the same promoters in order to buy foreign exchange multiple times the CBN window, which was clearly related to the low level of capital requirements for licencing BDCs. Also, the meteoric growth rate of

Emefiele

BDC outfits bespeaks of the honey pot inherent in the operation. For instance, between 1989 and 2004, the number of BDC operators who were self funding was 74. Between 2005 and 2009, the number grew to 938, with the creation of classes A and B in 2009. By 2014, the number has risen to 3208 BDCs. Aside that, the watchdog said that the number awaiting approval is 1,417, additional applications between May and June 22, 2014 was 252, indicating that there was something fishy that attracts entrepreneurs to the BDC business.

To date, according to information, the number of BDCs by location as at December 2013, showed that Abuja has 422 BDCs, Lagos 1,395 and Kano 521. This is in addition to other states of the federation.

Emefiele’s defense The name Emefiele, literally translated means: thou shall not commit sin”. He would definitely correct and sanitise the system. In order to do his job of maintaining, promoting monetary stability, transparent banking system, with zero tolerance to lawlessness, he came up with these measures.

Emefiele’s upward review of the BDC operations is intended to consolidate and restructure the sector to effectively provide access to foreign exchange to small scale end users.

When the BDCs are well structured and cleansed like his predecessor – Sanusi Lamido Sanusi, cleansed the banking system, BDCs will serve as better tools for management of exchange rate, assist in the fight against illegal financial activities, facilitate

It found that out of 130, about 121 BDCs representing 96 per cent were in breach of the objectives and provisions of the guidelines

economic activities and provide economic data for policy decisions. Emefiele’s decision is targeted at maintaining the statutory function of the apex bank.

The claim that BDCs provide employment opportunities is self serving. According to the statistics obtained by this newspaper, in 2001, the total staff was 45,962, in 2009; it was 77,519, showing 69 per cent increase in nine years.

BDC branch network in 2001showed 3,382 and in 2009, it was 4,500, while total assets in 2001 was N3.2trillion.

In 2009 it was N6.6trillion. The capital adequacy in 2001 is 15.2 per cent and in 2009, it was 21.6 per cent in 2009.

Thus, the above statistics showed that the sector had enjoyed the luxury of being allowed to run their show compared with the banking, insurance, micro-finance sector, capital market and discount houses sectors.

Prayer of BDCs The BDCs did not complain about the need to increase the capital base.

Their prayer is that CBN should reduce the magnitude, so that it can be increased from N10million to perhaps N20million, and the caution fee reduced to N20million. They also want the time of recapitalization to be extended to December 2016.

When Emefiele meets the House Committee on Banking and Currency, these facts will speak for him and he will be well heeled to respond to a barrage of questions from the lawmakers. For the reform to be or not to be is the moral question for all Nigerians to answer.

Reminiscent of Prof. Chukwuma Soludo’s consolidation, Emefiele is not likely to back down. He would rather increase the number of years to two years. He would somewhat give deadline and enforce it. He will live up to his name. But the multi-billionnaira question on the lips of followers of developments in the financial services sector, is would Emefiele have the political will to effectively enforce this reform and others he is billed to unveil? Only time will tell.

BUSINESS | MONEYLINE

Sanctity of Truth

Monday, July 7, 2014

Bank presents highway FG targets N70.5bn Sterling managers’ kits to LAWMA T-bills Wednesday S

BOOST Higher liquidity in the money markets will boost demand for government securities thus helping to drive down yield

Yields may drop

Godson Ikoro

between three-months to one year with mixed yields at its last auction on June 25.

It has said it will raise N936.92 billion ($5.76 billion) from treasury bills in the coming three months.

Meanwhile, higher liquidity in the money markets will boost demand for government securities thus helping to drive down yields.

New Telegraph gathered that the rates would not be far off from the previous auction one.

Yields stood at 9.95 per cent for the 91-day and 10.25 per cent for the 182-day bills this week.

Traders said the two debt notes, according to Reuters, are

T

he Federal Government will raise N70.55 billion ($433.97 million) by issuing three - and six-months treasury bills at an auction on Wednesday (July 9), the Central Bank of Nigeria (CBN) said last Friday.

The apex bank said it would raise N20.15 billion in the threemonth bill and N50.40 billion in the six-month note, using the reverse, Dutch auction system.

The auction results are expected the next day.

Nigeria raised N134.5 billion ($827.18 million) in treasury bills with tenor ranging

currently trading around 10.30 per cent for the 91-day Treasury bills and 10.20 per cent for the 182-day bills in the secondary market.

Temporarily, the yields on Nigeria's treasury bills are likely to inch down at auction next week while good liquidity in Kenya's money markets could spur demand for treasuries.

In Nigeria, higher liquidity in the money markets will boost demand for government securities thus helping to drive down yields.

"We don't expect rates to be far off from the previous auction," one dealer with Stanbic IBTC said.

Interbank rate stable for second week interbank lending Ntheigerian rates were unchanged for second consecutive week

compared with N433.2 billion week ago, dealers said.

The apex bank paid off around N135 billion worth of Open Market Operations (OMO) treasury bills, which had matured last Thursday, boosting liquidity.

Lending rates among banks have reached a floor, dealers said, noting that they do not expect rates to

last Friday at an average of 10.25 per cent, supported by excess naira liquidity in the banking system dealers said.

The cash balance held by banks at the Central Bank of Nigeria (CBN) rose to a credit of N454 billion ($2.79 billion) at last Friday's open,

fall further even with the liquidity boost, owing to a cap on CBN's benchmark deposit rate.

The open buy-back (OBB) was unchanged at 10.25 per cent, 1.75 percentage points below the CBN’s benchmark interest rate of 12 per cent.

Overnight placement was flat at 10.25 per cent, same level last week.

Economic Indicators As at M2* CPS* INF IBR MPR 91-day NTB DPR PLR Bonny Light Ext Res**

N14,737,618.7m N16,509,472.5m 8 0.0000 12 10.899 7.96 17.01 US$109.9 US$42,604,781,796.6

Description

TTM

4.00% 23-Apr-2015 13.05% 16-Aug-2016 15.10% 27-Apr-2017 16.00% 29-Jun-2019 16.39% 27-Jan-2022 10.00% 23-Jul-2030

1.21 2.53 3.22 5.39 7.98 16.47

Tenor (Days) Call 7 30 60 90 180 365

Rate (%) 11.9167 12.3333 12.6667 12.9167 13.2167 13.5000 13.7500

NIBOR

Dec, 2013 Dec, 2013 Dec, 2013 2/5/2014 1/20/2014 11/6/2013 Dec, 2013 Dec, 2013 1/20/2014 2/5/2014 Source:CBN

FGN Bonds Bid Price 90.20 99.25 104.10 109.35 114.15 76.60

Bid 12.10 12.10 12.05

ainstreet Bank Limited has M successfully completed the implementation of the first

Offer Yield 13.01 13.40 13.47 13.49 13.44 13.59

Price 90.35 99.40 104.40 109.65 114.45 76.90

Tenor (Months) 1 2 3 6 9 12

Rate (%) 12.1827 12.2737 12.3744 12.8521 12.8535 13.8443

FX

Bid Spot ($/N) 163.28 THE FIXINGS –NIBOR,NITTY and NIFEX of February 6,2014

NITTY

Yield 12.86 13.33 13.35 13.42 13.38 13.53

Money Market Offer 11.85 11.85 11.80 Offer 163.38

terling Bank has presented 25,000 units of new kits to the Lagos State Waste Management Authority (LAWMA).

This initiative, according to a statement from the lender, is to sustain its strategic focus on clean environment as one of its Corporate Social Responsibility (CSR) priorities.

The reflective kits will be used by the highway managers and sweepers engaged by the Authority.

The Bank’s Group Head, Collections, Mr. Jide Sonoiki, who made the presentation on behalf of the bank, stated that Sterling Bank will continually engage in initiatives that will protect the environment especially those that are connected to the protection of lives through its renowned partnership with LAWMA. Sonoiki, who reiterated the commitment of the Bank to maintaining a healthy environment, disclosed that the bank had concluded discussions with the governments of other states in the country on the provision of kits for their highway managers and sweepers.

Receiving the new kits, LAWMA’s Managing Director, Mr. Tunde Oresanya, commended the bank for supporting the Authority in the promotion of a clean environment and good health among Nigerians.

The LAWMA Chief Executive, who ascribed the success story of the Authority in the last five years to the support received from Sterling Bank and other concerned institutions, commended the lender for sustaining its support to the Authority thus far.

He said: “Sterling Bank is a

major partner of LAWMA. The partnership is very solid and enduring. The bank supports our clean up exercise and also has its own initiatives in the area of environmental cleanliness.

If you are going to talk about cleaner Lagos, you cannot but mention Sterling Bank as one of the prominent organisations that has been at the forefront of environmental cleanliness not only in Lagos but also in all the locations where it has businesses through its periodic national cleaning exercise.

“The bank gives us about 25,000 new kits annually from, which we provide a pair for each cleaner. What Sterling Bank is doing is to preserve lives. When you look at primary healthcare, you will observe that the bank looks or sees life preservation as key to the growth of the society”, he added.

He also commended the bank for taking a major risk by putting its logo on LAWMA’s kits.

“I must commend the bank for taking a major risk by putting its name and logo on the outfits of a government institution for individuals often considered to be at the lower cadre of the society. We really appreciate that.

Not many banks would take this risk. It is a bank that believes so much in us; they believe in our strategy, and they have taken all the risks to make sure that they support us, and we have no regrets”.

Oresanya therefore, called on other financial institutions to emulate the bank to ensure a clean environment as “Sterling Bank has demonstrated how a responsible organisation should relate with its community”.

Mainstreet Bank automates operations

Treasury Bills Maturity Date 08-May-14 07-Aug-14 22-Jan-15

31

Open-Buy-Back (OBB) Overnight (O/N)

Rate (%) 11.33 11.63

NIFEX Spot ($/N)

Bid 163.4000

Offer 163.5000 Source: FMDQ

phase of its Group Shared Services (GSS) project, its Executive Director, Operations and Technology, Mr Anogwi Anyanwu, has said.

This project, according to a statement, has led to the automation of about 80 per cent of the lender’s banking operations across its over 200 branches in the country.

Speaking on the progress recorded by the bank on the project, Mr. Anyanwu noted that the first phase of the shared services project has significantly improved the bank’s ability to respond to various customer needs in a prompt and efficient manner.

He cited some of the benefits recorded so far to include consolidation of 41 MICR centers and 34 clearing centers into one centre thereby ensuring prompt processing and delivery of service. The project has also led to an end-to-end processing of many hitherto branch functions from the Group Shared Service Centre.

Other benefits of the first phase of the project include: standardisation of services across the bank, centralised processing of basic customer

requests, prompt and seamless funds transfers, instant advice to customers on various types of transactions, and card issuance on the electronic card request management (e-CRM) platform, which facilitates processing of all card requests under 24 hours.

The Executive Director noted that the second phase of the project, which has already commenced will ensure the automation of Trade and Credit related functions such as Form ‘M’, Letter of Credit issuance, Bills for Collection payment, Trade Finance, Procurement, Loan Origination and Expense processes. The automation will ease delivery of service and payments to suppliers.

Mr. Anyanwu also assured customers that the entire process has been designed to ensure that the incidence of fraud is minimised at every stage of processing transactions.

The Mainstreet Bank Shared Services Centre is a service point for every operations activity of the bank. “Core banking functions previously processed at different branches and units are now centrally processed in a technology driven system that ensures the bank reduces cost, enhances efficiency and boosts customer service.

32

BUSINESS | STOCK WATCH

Sanctity of Truth

Monday, July 7, 2014

GlaxoSmithKline: Shareholders sing discordant tunes BONUS

at N1.30kobo per share for its shareholders for the financial year ended December 2013.

Nigerian investors seek bonus issue on the back of impressive performance

Chris Ugwu

I

n spite of the challenging environment in the real sector, the pharmaceutical industry in Nigeria is not as dismal as it might appear.

The ever-increasing demand for drugs and medical care will continue to remain an advantage for domestic producers and an opportunity for growth and development of this critical sector.

The federal government has also shown its commitment towards making the sector selfsufficient as well as improving the overall standard and quality of its products and service delivery, thereby making the constituent companies able to compete internationally.

The government's commitment is being demonstrated through the reenergising of the National Agency for Foods, Drug and Administration (NAFDAC).

NAFDAC has made concerted efforts at stemming the prevalence of counterfeit and substandard drugs, recording huge successes in the process.

This strategy has also helped reduce the level of corruption within the system and improved the overall quality of its product delivery.

GlaxoSmithKline Consumer Nigeria Plc has been one of the companies that have taken advantage of the convivial regulatory framework to grow its bottom line in Nigeria.

Hence, market sentiments for the shares of the company has remained firm on the back of improved product rebranding, introduction of new product packing across a wide spectrum and increased market penetration, which has helped boost company’s 2013FY results.

Stockbrokers attributed investors’ sustained confidence in the stock to continued sales; marketing and distribution efforts as well as its strong presence across Nigeria, which has further buoyed 2013 FY revenues.

The company has continued to retain the top spot in the health care sector in terms of share price and market capitalisation.

The share price, which closed at N58.50 per share in August 30, 2013, has continued to record modest growth. At the close of business last Friday, the company’s share price stood at N68.00, an increase of N9.5 or 14 per cent year to date.

Profile GlaxoSmithKline Consumer

Osunkeye

Nigeria Plc is a subsidiary of GSK group and involved in the manufacturing, marketing and distribution of health product in Nigeria.

The company produces vaccines and medicines in six major disease areas, which are virus control, infections, asthma, diabetes, mental health and digestive conditions. Over the years, GSK has continued to enjoy the patronage of brand loyal customers with household names such as Macleans, Lucozade, Ribena and Horlicks.

The company was incorporated in 1971 in Nigeria and listed on the floor of the Nigerian Stock Exchange (NSE) in 1979.

With a market capitalisation of over N25 billion, GSK remains the largest quoted pharmaceutical company by market capitalisation. The company can therefore leverage on its comparative size and the goodwill it enjoys from its parent company to remain one of the stable brands within the pharmaceutical industry.

Financials The company’s profit before tax for the year ended December, grew slightly by 3.35 per cent y/y to N4.31 billion, from N4.17 billion in 2012, while profit after tax also climbed by 3.19 per cent, to N2.91 billion in FY13, from N2.82 billion as at FY12.

Earnings per share (EPS) grew by 3.37 per cent to 305kobo in FY: 13 as against 295kobo in FY: 12, while net profit margin

remained stable at 17 per cent.

GSK’s total assets were up by 19.7 per cent y/y to N26.21 billion in 2013 compared with N21.89 billion in 2012, while total equity increased by 15.76 per cent y/y to N12.34 billion in 2013FY, from N10.66 billion as at 2012FY. The company’s cost of sales margin jumped to 60.1 per cent in FY13 from 59.2 per cent as at FY12, while gross profit margin remained stable at 40 per cent in the review period.

Further analysis showed that operating expenses (OPEX) for the year ended December 2013 rose by 18.0 per cent y/y to N7.53 billion compared with N6.38 billion as at FY12.

Based on these results, the company declared a dividend of N1.243 billion to be shared

Some group of shareholders of the company had expressed dismay over what they described as insensitivity of GSK UK, the majority shareholder, to the yearnings and interest of its Nigeria shareholders

Outlook The out-going Chairman of the company, Olusegun Osunkeye, had assured shareholders that his exit from the company would not create a vacuum or hinder the growth of the company.

Osunkeye, whose retirement as the Chairman of the company was approved by shareholders at the 2013 yearly meeting, assured shareholders that the company has put in place a strong succession plan, expressing confidence that the growth currently seen in the company will be sustained and surpassed by the new Chairman, Mr. Edmund Onuzo.

He also assured shareholders that the company would do everything within its powers to ensure that the new composition of the board reflects the true shareholding structure of the company.

“We would pursue all plans set for the company’s growth.

Our focus at GSK will be to continue to maximise existing business opportunities, with renewed commitment to talent development and product innovation.

“Our firm belief is that companies that offer quality products at competitive prices, while ensuring operational efficiencies will always win. We are determined to win in the market place and deliver superior returns to our shareholders.”

Analysts’ view Analysts at Meristem Securities Limited attributed the company’s performance to product development in the consumer

Share price movement of GlaxoSmithKline 2013 Aug 31

N58.50

Sept 30

N69.00

Oct 31

N65.00

Nov 30

N65.00

Dec 31

N65.00 2014

Jan 31

N69.00

Feb 28

N69.00

Mar 31

N70.00

Apr 30

N69.50

May 30

N68.15

June 27

N64.00

July 4

N69.00

healthcare segment and company’s new market penetration into Ghana in a bid to meet growing demand.

“Continued sales, marketing and distribution efforts as well as its strong presence across Nigeria further buoyed 2013FY revenues, in our view. In addition, the company has been able to sustain steady growth due to the brand equity enjoyed by virtue of its parent company (GlaxoSmithKline Plc) and robust product portfolio.

“We expect the company to maintain its double-digit growth as it continues to improve on innovation. Based on our forecast assumptions, we expect 15.39 per cent revenue growth for the next 5 financial years (2014f: NGN33.561bn),” they said.

Discordant tunes However, against the backdrop of enhancement in bottom line, some group of shareholders of the company had expressed dismay over what they described as insensitivity of GSK UK, the majority shareholder, to the yearnings and interest of its Nigeria shareholders.

The shareholders at the AGM stressed the need for the technical partner to be more sensitive to the environment it operates, urging them to ensure that they declare bonus in the next financial year.

General Secretary, Independent Shareholders Association of Nigeria (ISAN), Mr. Adeleke Adebayo, explained that Nigerian shareholders are due for a bonus issue from the company’s accumulated reserve, adding that the company has not declared a bonus issue to shareholders in the past nine years.

“The way our technical partners are treating Nigerian shareholders is not encouraging. We ask them to consider our appeal and we will wait patiently till the next financial year,” he said.

Another shareholder, Williams Adebayo, noted that the company is growing tremendously, while Nigerian shareholders are getting poorer.

“The company should give us bonus issue. The financial performance of this company is showing a bogus general reserve and you have all it takes to give us bonus.”

The shareholders, who expressed dismay at the unduly attitude meted on Nigerian Shareholders by GSK UK, however, commended the company’s board for improving the overall performance of the company and increasing shareholders’ value on investment through dividend payout.

They nonetheless, approved a total dividend of N1.2 billion, which translate to N1.30 kobo per share due to every investor of the company for the 2013 financial year.

BUSINESS | CAPITAL MARKET REPORT

Sanctity of Truth

Monday, July 7, 2014

33

Stock market records two weeks high Bullish Stock market closed the week in green zone as investors renewed confidence

Chris Ugwu

N

otwithstanding that the stock market skewed downward at the midweek with bearish sentiments struggling to overrun the activities on the floor of the Nigerian Stock Exchange (NSE); the bulls maintained their grip on the market as bargain hunters jostled for shares on the back of blue chip companies.

Analysts said the resurgent of the bulls to sustain market rally for about two weeks was evidence that confidence is returning to market in spite of security challenges that has posed a threat to investment in the country.

They had forecast that the uncertainty surrounding the market following massive sell off that most blue chip companies witnessed three weeks ago, will be over and stability returning following investors’ appetite on some companies that posted impressive earnings.

Northward trajectory Last Monday, trading activities on the floor of the Exchange riding on the bullish run the previous week, sustained northwards path as transactions in the share prices of Nestle Nigeria Plc and Seplat Petroleum Development Company Plc led other gainers to lift market capitalisation to N14 trillion.

The key benchmark indices maintained positive course to close in the green, taking supports majorly from highly capitalised stocks, which were particularly driven the two companies.

Specifically, the market capitalisation of equities appreciated by N97 billion to hit N14 trillion as market sentiments remained positive.

At the close of trading, 23 stocks appreciated, while 36 others constituted the losers’ table.

The twin market indicators, the All-Share Index rose by 294.86 basis points or 0.69 per cent, from 42,187.62 last Friday, to close at 42,482.48, while market capitalisation of equities gained N97 billion or 0.69 per cent from N13.930 trillion to N14.027 trillion.

Further analysis of the day’s trading showed that Nestle topped the gainers’ table with N51.10 to close at N1,150.

00, while Seplat followed with N24.90 to close at N700.00 per share.

On the flip side, Cadbury Nigeria Plc led the losers with a drop of N1.89 to close at N80.00 per share, while GSK Plc shed N1.00 to close at N80.00.

On the activity chart, the banking sub-sector dominated

Trading floor of NSE

in volume terms with 113.6 million shares worth N1.3 billion in 1,277 deals. The sub-sector was enhanced by the activities in the shares of UBA and GTB Bank Plc. Insurance services sub-sector boosted by the activities on the shares of Wapic Plc followed with 66.3 million units, worth N60.2 billion in 220 deals.

When the closing bell rang, investors had staked a total of 408.5 million shares, worth N7.5 billion in 5,882 deals.

Seven-Up The bullish sentiments last Tuesday continued to envelop trading activities on the floor of the Exchange.

The stock market sustained northwards movement on the back of transactions on the share prices of Seven UP Bottling Company Plc and UAC Nigeria Plc. The key benchmark indices maintained positive flight to close in the green, taking supports majorly from highly capitalised stocks, which was particularly driven by Seven Up as bargain hunters responded positively following significant results released by the company the previous day.

The company’s pretax profit year to March 31 rose to N7.62 billion as against N3.2 billion recorded in the comparable period of 2013, representing a growth of 133 per cent.

Specifically, the market capitalisation of equities appreciated by N43 billion as market sentiments remained positive.

At the close of trading, 28 stocks appreciated, while 25 others equally constituted the losers’ table.

The twin market indicators, the All-Share Index rose by 128.82 basis points or 0.3 per cent from 42,482.48 recorded the previous day to close at 42,611.30, while market capitalisation of equities gained N43 billion or 0.3 per cent from N14.027 trillion to N14.070 trillion.

Further analysis of the day’s

Five most capitalised stocks@ July 4, 2014 Dangote Cement Plc

N4.3tn

Nigerian N1.3tn Breweries Plc Guaranty Trust Bank Plc

N871.2bn

Nestle Nig Plc N863.9bn Zenith Bank Plc

N788bn

trading showed that Seven Up topped the gainers’ table with N9.53 to close at N102.53, while UACN followed with N3.10 to close at N65.10 per share.

On the flip side, MRS Nigeria Plc led the losers with a drop of N6.82 to close at N63.18 per share, while Forte Oil Plc shed N6.30 to close at N200.00.

Bearish sentiment Last Wednesday, the bears battled to regain stronghold in the Nigerian capital market following marginal drop in both market performance indices reflecting profit taking, amid drop in investment activities.

Consequently, the All-Share Index shed 1.55 basis points to close at 42,609.75 as against 42611.30 recorded the previous day, while the market capitalisation of equities depreciated marginally by N1 billion or 0.007 per cent as market sentiments turned red.

Meanwhile, a turnover of 387.7 million shares worth N4.4 billion in 5,484 deals was recorded in the day’s trading.

Other financial services sub-sector of the financial services sector was the most active during the day (measured by turnover volume); with 137.5 million shares worth N1.4 billion exchanged by investors in

875 deals.

Volume in the sub-sector was largely driven by activity in the shares of FBNH Plc and FCMB Plc. Also, the banking sub-sector of the financial services sector, boosted by activity in the shares of GTB Plc and Fidelity Bank Plc, followed with a turnover of 95.7 million shares valued at N1.2 million in 1,305 deals.

At the close of trading, 35 stocks recorded gain while 32 others shed weight.

Dangote Cement Trading activities on the floor of the Exchange last Thursday pointed northwards as transaction in the share prices of Dangote Cement Plc and Guinness Nigeria Plc led other gainers to lift market indicators.

The key benchmark indices returned to positive trajectory to close in the green, taking supports majorly from large capitalised stock, which was particularly driven the two companies while medium capitalised stocks also contributed to the outlook recorded.

Specifically, the market capitalisation of equities appreciated

by N26 billion as market sentiments returned to the green zone after it suffered marginal loss the previous day.

At the close of trading session, the NSE All-Share Index firmed up by 0.18 per cent to close at 42,686.86 index points as against 42,609.75 recorded the previous day.

Consequently, the market capitalisation appreciated by N26 billion to close at N14.095 trillion as against N14.069 trillion.

The number of gainers at the close of trading session stood at 23 as against 34 losers.

Just as in the previous day, other financial services subsector of the financial services sector was the most active during the day (measured by turnover volume); with 307.4 million shares worth N4.7 billion exchanged by investors in 766

deals.

Volume in the sub-sector was largely driven by activity in the shares of FBNH Plc and FCMB Plc. Also, the banking sub sector of the financial services sector, boosted by activity in the shares of Zenith Bank Plc and Fidelity Bank Plc, followed with a turnover of 151.1 million shares valued at N2.07 billion in 1,320 deals.

Dangote Cement Plc led other gainers with N4.50 per cent to close at N244.50, while Guinness Nigeria Plc followed with a gain of N2.19 to close at N194.21.

Wapco added N1.98 to close at N112.98.

On the other hand, Nestle Nigeria led other losers with N55.00 to close at N1,090.00 per share while Mobil Nigeria followed with N2.25 to close at N137.31. UACN lost N1.85 to close at N66.00.

When the closing bell rang, investors exchanged a total of 570.8 unit of shares valued at N8.3 billion in 5,224 deals.

Upward trend The bullish tendencies continued to overwhelmed stock market last Friday following transactions in the share prices of Dangote Cement Plc and Nigerian Breweries Plc, which led other gainers to lift market indices.

Specifically, the market capitalisation of equities appreciated by N113 billion to hit N14.208 trillion as against N14.095 trillion recorded the previous day.

At the close of trading, 33 stocks appreciated, while 21 others that constituted the losers’ table.

The twin market indicators, the All-Share Index rose by 344.95 basis points or 0.79 per cent, from 42,686.86 to hit 43,031.81.

Further analysis of the day’s trading showed that Dangote Cement topped the gainers’ table with N5.50 to close at N250.

00, while Nigerian Breweries followed with N1.50 to close at N173.50 per share.

34

ACCOUNTABILITY Insurance companies’ shareholders should be on board and managements’ tail if they must enjoy good dividends Sunday Ojeme

F

ollowing the failure of the underwriting industry to attain its rightful economic status in the country, the Commissioner for Insurance, Mr. Fola Daniel, has advised shareholders of quoted insurance firms to mobilise themselves and ensure underwriters do the right thing to improve their businesses.

Daniel, who lamented the low input of the sector to the nation’s economy and poor dividend payout to the shareholders, said the Nigerian insurance sector remained one of the most attractive in the world considering the population.

The commissioner met with the shareholders in Lagos to rub minds on developments in the sector.

He said despite the obvious challenges faced by the industry in the areas of low penetration occasioned by low income level of prospective consumers, low insurance education and, religious and cultural overview which are beyond the control of the operators, the market still remained attractive, stressing that this was evident in the fact that some few insurance companies, playing in this same market are always able to declare profit annually and consistently pay dividends to their shareholders.

According to him, “It is open secret that not many of these listed insurance companies make substantial profit if at all they make any profit.

The direct consequence of

Insurance

Dividends: NAICOM blames insurers for shareholders’ woes this is that these companies are not able to pay you dividends, no bonus issue and no capital appreciation. In fact, the price of most insurance stocks in the Nigerian Stock Exchange (NSE) remains at nominal value of 50k.”

Speaking further, the NAICOM boss said the operators were yet to conduct insurance business in a manner that would earn them the requisite profit and also boost the profile of the industry. He listed poor risk pricing among other factors as responsible for the downturn in the industry, saying that no company would make profit if it chose to underwrite risks almost free of charge.

According to him, “Pricing of risk is very critical to insurance underwriting. How well an insurance company performs on a particular risk depends largely on how you are able to appropriately price the risk. So, if you are one of such companies that offer prices that are not commensurate with the risk you are taking, there is no way such a company will make profit.

“No company will make profit and pay dividends if it writes business for almost free, give rebates and gratis but pay huge claims on risk it collected little or no premium on. This is what most of these insurance companies do. The Group Life insurance of federal workers is a key example in this regards.

“The second point is investment decisions. Insurance companies are expected to generate income from investment of premium received from policyholders. So it is imperative that the Board and

Database to cut car insurance by £15

T

he individual driving records of all British motorists will be put online this summer in a new database to be used by insurers.

The online licence-checking service will allow insurers to check motoring convictions and penalty points of drivers, which the insurance industry claims will reduce premiums.

But others are sceptical about the possible savings for motorists and concerned about data security.

Currently, insurers can check individual driving records through the Driver & Vehicle Licensing Agency (DVLA), a government body, but this is expensive and time-consuming.

So insurers instead ask drivers to declare their licence history and assume some drivers will either lie or make an honest mistake about the number of points on their licence.

The Association of British Insurers (ABI) said 23pc of data provided to motor insurers was

Sanctity of Truth

Monday, July 7, 2014

incorrect.

Around 16 per cent of policyholders "under-declare" convictions, while around seven per cent over-declare. Some mistakenly tell their insurer about expired motoring convictions, for example, meaning they pay too much for policies.

The ABI said drivers could save £15 on their premiums thanks to the licence data being available online. "It should also speed up and simplify the application process for customers who will not have to guess what motoring offences may or may not need to be disclosed," said the ABI's spokesman, Malcolm Tarling.

The project, initially known as Insurance Industry Access to Driver Data, was rebranded as MyLicence at the end of last year. All insurers, brokers and price comparison websites have been encouraged to sign up, which allows them access to the necessary information using an individual's licence number.

management of these companies take good investment decisions to invest in ventures that will guarantee returns on investment.

“Companies who do this are the ones succeeding. But majority would rather invest as much as N5billion in failing subsidiaries that will never yield dividends and thus, no return on investment. The sit-

uation is made worst because these subsidiaries which are not insurance related are outside the regulatory purview of the NAICOM. NAICOM has tried to arrest this development by putting a limit of not more than 25% investment of shareholders’ funds in noninsurance entities.

“The third point is the issuance of policy on credit and

bloated premium. Until the directives by NAICOM for strict compliance to the No Premium, No Cover policy by insurance operators in 2013, majority of insurance firms wrote business on credit. In most cases, these premiums are never collected and this had a negative impact on the bottom-line of these companies.

L-R: Coordinator, Astymin School Programme, Mrs Yetunde Adesola; General Manager, Marketing, Fidson Healthcare Plc, Mr Ola Ijimakin and Corporate Services Manager, Mr Oladimeji Oduyebo, at a press conference on Astymin Brilliance Reward in Lagos.

Nigerian Council of RegThasheistered Insurance Brokers Insecurity: NCRIB demands called on Nigerians from all walks of life to cooperate with the Federal Government in its war against acts of terrorism currently tearing down the country.

Making the appeal in Lagos during the Brokers’ Members’ Evening, the president, NCRIB, Mr. Ayodapo Shoderu, said the task of securing Nigeria was a collective one that should involve all especially in the area of information dissemination and exchange, stressing that the situation called for more cooperation with the government.

“Permit me to note with utmost concern the continuous state of insecurity in the country as evidenced again by the activities of Boko Haram insurgents. We are all aware of the bombing of one of the high-

cooperation to tackle menace

brow shopping complex (Banex Plaza) in Abuja and the attendant loss of lives and property due to the bombing. This situation calls for more cooperation with government to expose the anti-social elements and curtail their activities,” he said.

While reflecting on the effect of the Evening on the insurance industry, Shoderu said the monthly event had continued to be one of the most veritable platforms of interaction between insurance underwriters and Insurance Brokers, saying that ideas canvassed at the forum had in the past contributed to the policy direction of the industry as well as national economy.

He pointed out that the cardinal focus of the new NCRIB leadership was to continually invent ways to grow insurance broking through effective proactive and reactive actions towards insurance consumers.

According to him, “It is heartwarming that Management has started taking these strides by visiting notable insurance clients for the purpose of enlisting the continuous usage of Brokers for their insurances. Recently, the management’s attention was drawn to an advertisement placed by Federal Airports Authority of Nigeria, which excluded Brokers from its insurances.

AIICO gross premium increases by 11% Insurance Plc, has A11 IICO grown its gross premium by per cent to N23.6 billion in 2013. It also generated net premium income of N18.2billion, up 13 per cent from 2012 – both presenting growth rates outperforming most of its competition in the industry.

A statement by the company noted that the feat was impressive given the environ-

ment in which the growth levels were achieved.

According to the statement, the year 2013 was a year in which the revenue generating ability of insurance operators was significantly curtailed by NAICOM’s No Premium No Cover policy – requiring, for the first time in the history of insurance in Nigeria, that insurance companies only rec-

ognise revenues materially on a cash-and-carry basis. Hence, its ability to generate these historic revenue levels presented a welcome validation of the strength of the AIICO franchise.

Despite the growth in net premium, the Company recorded a loss of N739 million in the 2013 financial year due to write-offs and impairments.

BUSINESS |INSURANCE

Sanctity of Truth

Monday, July 7, 2014

REVENUE Members of the Nigerian Council of Registered Insurance Brokers should look inward and boost their revenue earnings from ongoing projects

Sunday Ojeme

N

igerian insurance brokers have been advised to watch out and take full advantage of the multi-billion dollar projects currently going on across the country.

Giving the advice in Lagos, the Managing Director, Staco Insurance Plc, Mr. Sakiru Oyefeso, who spoke during the Nigerian Council of Registered Insurance Brokers’ Members Evening, said the ongoing projects would require considerable capacity and local capacity and local insurance expertise to underwrite and broker.

He said, “As a result of local government and foreign investment, the construction industry across the country is experiencing a marked resurgence.

There are some significance infrastructure projects planned over the next few years such as the Eko Atlantic City and reconstruction of Airports across the country which was initiated by former Aviation Minister Stella Oduah.

“Other areas predicted to grow include renewable energy, education, tourism and health, all of which will require sophisticated insurance support if they are to take off in the way that government leaders would like them to.”

Insurance brokers advised on multi-billion dollar projects He affirmed that brokers with the ability and locally based experience to provide due diligence and risk reviews could help companies to streamline their insurance portfolio, so that cover provided ensured full asset protection at a reasonable and proportionate cost.

According to him, “The role of Brokers in the country is vital. Brokers from both local and international companies need to be prepared to invest in training local talent as without this it will be hard for the insurance industry to keep pace with the developing countries.

“Locally based Brokers can provide insight and advice to international investors in line with the transformation agenda of the Federal Government, and in turn as the economies of our country start to strengthen so will the need for insurance.

“As new financial centres develop across the country, so too will the regulatory environment, while this is a good thing, it will place greater responsibility on companies to improve internal controls, increase financial transparency and improve risk management. It does have a sting in the tail, as insurers will need to be aware of the different environment in each jurisdiction and amend their approach and process accordingly.

“This of course is where a strong local broking community comes in to its own, as it steps up to provide advice on the particular requirements of

MPs warn insurers against fraudulent practice nsurers in the United KingIsettling dom should be banned from any whiplash injury damage claims without first asking for a proper medical examination in order to limit fraudulent claims, members of parliament said in a report on Friday.

The government should also stop personal injury lawyers from offering inducements such as cash or tablet computers meant to encourage injured drivers to make claims, the report published by the House of Commons transport committee, a cross-party team of MPs, said.

The report is part of the government's effort to bring down the cost of keeping vehicles on the road.

The report offers some respite to Britain's car insurance industry, which has been grappling with the prospect of potential government reforms that could push already dragging motor premium rates down further. "(We) believe this will result in a drop in the number of false claims," a spokeswoman at Direct Line Insurance Group , Britain's largest motor insurer, said.

35

"In addition to this proposal, we believe there needs to be tighter timescales on making a minor injury claim and are calling for a 90-day reporting period to defendants," she added.

According to data from the Association of British Insurers (ABI), an insurance body whose members manage assets worth a quarter of the British economy, fraudulent motor insurance claims were the most expensive and common types of claims.

each local market. Brokers need to work closely with clients to highlights the importance and necessity of honest and open financial disclosure in order to allow the appropriate information to be released in order to assess the level of coverage required and in turn to give underwriters a full understanding of the business and its risk mitigating needs.”

Joining Forces: Many International insurance companies and broking houses are looking to establish a local presence via joint ventures

with a local insurance brokers as a business partner that will offer access to the market and an understanding of the local business culture . Choosing the "right" partner is vital however, and many companies find operating under a joint venture can be more complex than they had imagined. Structural differences and variations in local business practice can provide significant management challenges for global businesses that are not used to operating on this basis.

Although there have been a

L-R: Former Minister of Power, Prof. Barth Nnaji; Manager, Global Brand Market Communications, GE, Ms Jenna Pelkey and President/ CEO, General Electric (GE) Nigeria, Mr. Lazarus Angbazo, at the on-going Garages Nigeria exhibition in Lagos.

Nigeria Re unveils new roadmap

N

igeria Reinsurance Corporation is setting a new strategic direction in a bid to reclaim and sustain its leadership in the reinsurance market.

The company, which said the propelling objective required an urgent strategic roadmap for projecting the new possibilities in the reinsurance market, hinted that the new direction formed the reason the Board of the company embarked on a week’s retreat where the new roadmap was rolled out.

A statement from the company said the retreat tagged “Strategic Road Map for Nigeria

Reinsurance Corporation” had a time frame of 10 years starting from 2014 to 2024 and would be reviewed every five years for improvement where necessary.

According to Nigeria Re, the company since it was founded many years ago has continued to provide services that cut across risk/general management in the global market, facultative and treaty underwriting, product development, technical personnel training and leadership development.

Nigeria Re provides reinsurance services on property, casualty, oil and gas/energy, engineering, bond, aviation, marine

Itau sells insurance unit to ACE tau Unibanco Holding SA , Iment Brazil's largest nongovernbank, expects an earnings boost of 1.1 billion reais ($497 million) from the sale of its high-risk corporate insurance portfolio to global insurance company ACE Ltd, according to a Friday securities filing.

ACE will pay 1.515 billion reais in cash for the unit, according to terms of the deal, which was signed on Friday.

The unit specializes in offering insurance coverage for big corporate projects in high-risk segments such as oil and gas and

few setbacks over the past few years to the on-going growth of the country, the outlook remain very positive. The international insurance industry is keen to grow its business in the country and the local market is developing too. Insurance Brokers have an important role to play in the future success of the country providing insights, advice, specialism and risk management advice. If everyone is committed to training and developing local talent, the country insurance is set to grow from strength to strength.

infrastructure.

ACE said in a separate statement that the transaction is expected to be completed in the first quarter of 2015, adding to earnings immediately.

Upon completion, it will make ACE the largest commercial property and casualty insurer in Brazil.

In 2013, the unit had about two billion reais in gross premiums written and an 18 percent market share.

The deal, which is subject to contract conditions and regulatory approval, is part of

Itau's strategy to focus on mass market insurance policies that are more associated with retail banking, Itau said in an emailed statement.

Brazilian government officials have said they expect policy underwriting in the high-risk and reinsurance segments to grow three times as fast as overall economic growth through 2015. But with economic growth trailing the government's 4.5 per cent average target between 2011 and 2014, returns and policy underwriting have suffered.

and life risks with coverage in Africa, Middle East and Asia.

According to the statement, “The new roadmap, with the charge, to be a profitable global player in the reinsurance mar¬ket is designed to place Nigeria Re back on track among the leading reinsurance compa¬nies in the world. The compa¬ny’s new mission statement is to strategically align internal and external partnerships ef¬fectively using loyalty princi¬ples as a guiding key towards the realisation of the charge.”

The Managing Director of the company, Lady Isioma Chukwuma, said the execution of the new strategies had begun with the creation of a new department called critical operations.

She pointed out that the department, divided into three, consisted of customer loyalty, research and development and strategic performance units, saying that the organisation had since spearheaded the implementation of the strategy for the successful realisation of the new charge.

She said, “The new roadmap is all encompassing- it is designed to create more market for the company, improve customer’s relationship, increase the company’s premium level and improve the visibility of the company.

36 BUSINESS |FINANCIAL MARKET NEWS

Sanctity of Truth

Monday, July 7, 2014

FMDQ Daily Quotations List

4-Jul-14

The FMDQ Daily Quotations List (DQL) comprises market and model prices/rates of foreign exchange ($/N) products, fixed income securities and instruments in the OTC market. The use of this report is subject to the FMDQ OTC PLC Terms of Use and Disclaimer Statement.

Bonds FGN Bonds

Price

Rating/Agency

Issuer

NA

NA

Description 9.25 28-SEP-2014 4.00 23-APR-2015 13.05 16-AUG-2016 15.10 27-APR-2017 9.85 27-JUL-2017 9.35 31-AUG-2017 10.70 30-MAY-2018 16.00 29-JUN-2019 7.00 23-OCT-2019 16.39 27-JAN-2022 14.20 14-MAR-2024 15.00 28-NOV-2028 12.49 22-MAY-2029 8.50 20-NOV-2029 10.00 23-JUL-2030

Issue Date

Coupon (%)

Outstanding Value (N'bn)

Maturity Date

TTM (Yrs)

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

28-Sep-07 23-Apr-10 16-Aug-13 27-Apr-12 27-Jul-07 31-Aug-07 30-May-08 29-Jun-12 23-Oct-09 27-Jan-12 14-Mar-14 28-Nov-08 22-May-09 20-Nov-09 23-Jul-10

9.25 4.00 13.05 15.10 9.85 9.35 10.70 16.00 7.00 16.39 14.20 15.00 12.49 8.50 10.00

100.00 535.00 500.27 452.80 20.00 100.00 300.00 351.30 233.90 600.00 165.17 75.00 150.00 200.00 591.57

28-Sep-14 23-Apr-15 16-Aug-16 27-Apr-17 27-Jul-17 31-Aug-17 30-May-18 29-Jun-19 23-Oct-19 27-Jan-22 14-Mar-24 28-Nov-28 22-May-29 20-Nov-29 23-Jul-30

0.24 0.80 2.12 2.81 3.06 3.16 3.90 4.99 5.30 7.57 9.69 14.40 14.88 15.38 16.05

11.08 10.84 11.29 11.32 11.27 11.28 11.31 11.43 11.41 11.82 12.08 12.15 12.16 12.17 12.24

10.43 10.15 11.21 11.26 11.15 11.16 11.21 11.36 11.32 11.77 12.03 12.11 12.12 12.12 12.19

99.52 94.86 103.20 108.85 96.39 94.97 98.09 117.00 82.79 122.40 111.90 119.14 102.21 74.70 84.40

99.67 95.36 103.35 109.00 96.69 95.27 98.39 117.30 83.09 122.70 112.20 119.44 102.51 75.00 84.70

TOTAL OUTSTANDING VALUE

4,375.01

Rating/Agency

Issuer

Description

#

Issue Date

Coupon (%)

Issue Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

Risk Premium (%)

Valuation Yield (%)

Indicative Price

28-Dec-11 24-May-10 03-Apr-12 09-Dec-11 20-Apr-12 06-Jul-12

0.00 0.00 17.25 0.00/16.00 0.00/16.50 0.00/16.50

978.35 24.56 6.00 112.22 116.70 66.49

31-Oct-14 24-May-15 03-Apr-17 09-Dec-16 20-Apr-17 06-Jul-17

0.33 0.89 1.50 2.43 2.80 3.01

1.00 2.63 2.27 2.00 1.00 1.00

11.77 13.45 13.24 13.21 12.25 12.27

96.33 89.08 105.24 99.14 97.67 95.20

100.11

Agency Bonds AMCON FMBN

NA

***LCRM

0.00 AMCON 31-OCT-2014 (SR.5 TR.1) 0.00 FMB 24-MAY-2015 17.25 FMB II 03-APR-2017 0.00/16.00 LCRM 09-DEC-2016 0.00/16.50 LCRM II 20-APR-2017 0.00/16.50 LCRM III 06-JUL-2017

TOTAL OUTSTANDING VALUE

1,304.32

Sub-National Bonds A/Agusto

KWARA

14.00 KWARA 5-AUG-2014

05-Aug-09

14.00

17.00

05-Aug-14

0.09

1.56

12.09

A-/GCR

NIGER

14.00 NIGER 15-OCT-2014

15-Oct-09

14.00

6.00

15-Oct-14

0.28

3.29

14.01

99.88

A+/Agusto

KADUNA

12.50 KADUNA 31-AUG-2015

31-Aug-10

12.50

8.50

31-Aug-15

1.16

4.44

15.28

97.09

A/Agusto

*EBONYI

13.00 EBONYI 30-SEP-2015

30-Sep-10

13.00

16.50

30-Sep-15

0.76

3.23

14.09

99.79

Nil

*BENUE

14.00 BENUE 30-JUN-2016

30-Jun-11

14.00

13.00

30-Jun-16

1.28

4.46

15.35

98.54

A+/Agusto

*IMO

15.50 IMO 30-JUN-2016

30-Jun-09

15.50

18.50

30-Jun-16

1.29

3.48

14.37

101.31

A+/Agusto; A+/GCR

LAGOS

10.00 LAGOS 19-APR-2017

19-Apr-10

10.00

57.00

19-Apr-17

2.79

5.59

16.84

85.20

A-/Agusto

*BAYELSA

13.75 BAYELSA 30-JUN-2017

30-Jun-10

13.75

50.00

30-Jun-17

1.84

1.00

12.10

102.61

A/Agusto

EDO

14.00 EDO 31-DEC-2017

30-Dec-10

14.00

25.00

31-Dec-17

3.49

1.79

13.08

102.51

A+/Agusto; A+/GCR

*DELTA

14.00 DELTA 30-SEP-2018

30-Sep-11

14.00

50.00

30-Sep-18

2.46

1.80

13.01

102.23

A-/Agusto; A-/GCR

NIGER

14.00 NIGER II 4-OCT-2018

04-Oct-11

14.00

9.00

04-Oct-18

4.25

1.00

12.33

105.36

A/Agusto; A-/GCR†

*EKITI

14.50 EKITI 09-DEC-2018

09-Dec-11

14.50

20.00

09-Dec-18

2.66

1.00

12.23

105.00

A-/Agusto

*NIGER

14.00 NIGER III 12-DEC-2018

12-Dec-13

14.00

12.00

12-Dec-18

2.66

4.78

16.01

95.98

A/Agusto; A-/GCR

*ONDO

15.50 ONDO 14-FEB-2019

14-Feb-12

15.50

27.00

14-Feb-19

3.05

1.00

12.27

105.45

A/Agusto; A-/GCR

*GOMBE

15.50 GOMBE 02-OCT-2019

02-Oct-12

15.50

20.00

02-Oct-19

3.11

1.00

12.27

108.23

Aa-/Agusto; AA-/GCR

LAGOS

14.50 LAGOS 22-NOV-2019

22-Nov-12

14.50

80.00

22-Nov-19

5.39

1.00

12.42

107.95

A/Agusto; A-/GCR

*OSUN

14.75 OSUN 12-DEC-2019

12-Dec-12

14.75

30.00

12-Dec-19

3.18

2.74

14.02

101.82

A/Agusto

*OSUN

14.75 OSUN II 30-SEP-2020

30-Sep-13

14.75

11.40

30-Sep-20

3.79

1.00

12.30

107.05

Aa-/Agusto; AA-/GCR

LAGOS

13.50 LAGOS IV 27-NOV-2020

27-Nov-13

13.50

87.00

27-Nov-20

6.40

1.00

12.58

103.92

A-/Agusto; BBB+/DataPro

KOGI

15.00 KOGI 31-DEC-2020

31-Dec-13

15.00

5.00

31-Dec-20

6.49

1.94

13.54

106.18

A/Agusto A-/GCR

*EKITI *NASARAWA

14.50 EKITI II 31-DEC-2020 15.00 NASARAWA 06-JAN-2021

31-Dec-13

14.50

5.00

31-Dec-20

3.97

1.44

12.75

105.11

06-Jan-14

15.00

5.00

06-Jan-21

3.83

1.95

13.26

117.22

99.87

TOTAL OUTSTANDING VALUE

572.90

Corporate Bonds A+/Agusto; AA/GCR

LAFARGE WAPCO

11.50 LAFARGE WAPCO 7-OCT 2014

07-Oct-11

11.50

11.80

07-Oct-14

0.26

1.00

11.70

Aa/Agusto

13.50 GUARANTY TRUST 18-DEC-2014

18-Dec-09

13.50

13.17

18-Dec-14

0.46

5.21

16.10

98.85

Nil

GTB µ NGC

17.00 NGC 31-DEC-2014

01-Apr-10

17.00

2.00

31-Dec-14

0.49

8.71

19.64

98.81

Bbb-/Agusto A-/Agusto

*UPDC

10.00 UPDC 17-AUG-2015

17-Aug-10

10.00

15.00

17-Aug-15

0.64

4.88

15.77

96.26

*FLOURMILLS

12.00 FLOURMILLS 9-DEC-2015

09-Dec-10

12.00

37.50

09-Dec-15

0.95

1.00

11.80

100.42

BB+/GCR

*CHELLARAMS

14.00 CHELLARAMS 06-JAN-2016

06-Jan-11

14.00

1.50

06-Jan-16

0.80

2.63

13.47

100.51

A+/Agusto; A-/GCR

NAHCO

13.00 NAHCO 29-SEP-2016

29-Sep-11

13.00

15.00

29-Sep-16

2.24

1.00

12.19

101.50

A-/Agusto

FSDH

14.25 FSDH 25-OCT-2016

25-Oct-13

14.25

5.53

25-Oct-16

2.31

1.34

12.54

103.29

A/GCR

UBA

13.00 UBA 30-SEP-2017

30-Sep-10

13.00

20.00

30-Sep-17

3.24

1.00

12.28

101.83

BBB-/GCR

*C & I LEASING *DANA#

18.00 C&I LEASING 30-NOV-2017

30-Nov-12

18.00

0.94

30-Nov-17

2.06

1.88

13.05

109.60

MPR+7.00 DANA 9-APR-2018

09-Apr-11

16.00

8.01

09-Apr-18

2.02

3.48

14.65

102.64

A-/DataPro†; BB-/GCR

*TOWER

#

MPR+7.00 TOWER 9-SEP-2018

09-Sep-11

18.00

3.63

09-Sep-18

2.18

5.20

16.38

103.23

AAA/DataPro†; A+/GCR

*TOWER#

MPR+5.25 TOWER 9-SEP-2018

09-Sep-11

16.00

1.00

09-Sep-18

2.18

5.06

16.24

101.93

A/Agusto; A/GCR

UBA

14.00 UBA II 22-SEP-2018

22-Sep-11

14.00

35.00

22-Sep-18

4.22

1.35

12.67

104.18

Bbb+/Agusto; BBB+/GCR

15.75 LA CASERA 18-OCT-2018

18-Oct-13

15.75

3.00

18-Oct-18

2.29

2.29

13.49

104.61

BBB-/DataPro†; BB+/GCR

*LA CASERA *CHELLARAMS#

MPR+5.00 CHELLARAMS II 17-FEB-2019

17-Feb-12

17.00

0.54

17-Feb-19

2.37

6.11

17.31

99.63

BBB/GCR

*DANA

16.00 DANA II 1-APR-2019

01-Apr-14

16.00

4.50

01-Apr-19

3.49

2.16

13.45

106.91

A+/Agusto; A-/GCR

NAHCO

15.25 NAHCO II 14-NOV-2020

14-Nov-13

15.25

2.05

14-Nov-20

6.36

2.76

14.34

103.68

11-Feb-18

3.61

1.00

12.30

94.02

Maturity Date

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

BBB+/DataPro†; BB+/GCR

TOTAL OUTSTANDING VALUE

180.17

Supranational Bond AAA/S&P

10.20 IFC 11-FEB-2018

IFC

11-Feb-13

10.20

12.00

TOTAL OUTSTANDING VALUE Rating/Agency

12.00 Issuer

Description

Issue Date

Coupon (%)

Issue Value ($'mm)

FGN Eurobonds

Prices & Yields

BB-/Fitch; B+/S&P BB-/Fitch; BB-/S&P

FGN

BB-/Fitch; BB-/S&P

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

4.89

4.74

110.35

111.21

5.13 JUL 12, 2018

18-Dec-09

5.13

500.00

12-Jul-18

4.14

3.94

103.60

104.34

6.38 JUL 12, 2023

01-Apr-10

6.38

500.00

12-Jul-23

5.29

5.17

107.67

108.56

TOTAL OUTSTANDING VALUE

1,500.00

Corporate Eurobonds AFREN PLC I

11.50 FEB 01, 2016

01-Feb-11

11.50

450.00

01-Feb-16

3.80

3.06

111.56

112.77

GTBANK PLC I

7.50 MAY 19, 2016

19-May-11

7.50

500.00

19-May-16

4.89

4.26

104.58

105.73

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

6.11

5.88

99.59

100.46

B+/S&P

ACCESS BANK PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

7.03

6.41

100.59

102.30

B/S&P; B/Fitch

FIDELITY BANK PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

8.68

8.27

94.21

95.49

B/Fitch

AFREN PLC

10.25 APR 08, 2019

08-Apr-12

10.25

300.00

08-Apr-19

4.81

4.36

113.72

114.55

B+/Fitch; BB-/S&P

ZENITH BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

6.35

6.14

99.60

100.44

B/S&P; B-/Fitch

FIRST BANK PLC

8.25 AUG 07, 2020

07-Aug-13

8.25

300.00

07-Aug-20

7.04

6.62

104.23

105.75

B+/S&P; B+/Fitch

AFREN PLC

6.63 DEC 09, 2020

09-Dec-13

6.63

360.00

09-Dec-20

5.58

5.30

104.05

105.16

B-/S&P; B/Fitch B+/S&P; B+/Fitch

TOTAL OUTSTANDING VALUE

3,460.00

**Treasury Bills DTM 13 20 27 34 41 48 55

Money Market

FIXINGS Maturity 17-Jul-14 24-Jul-14 31-Jul-14 7-Aug-14 14-Aug-14 21-Aug-14 28-Aug-14

Bid Discount (%) 10.25 10.00 10.20 10.20 10.05 10.10 10.10

Offer Discount (%) 10.00 9.75 9.95 9.95 9.80 9.85 9.85

Bid Yield (%) 10.29 10.06 10.28 10.30 10.16 10.24 10.26

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 10.5000 12.1756 13.3289 14.2961

Tenor

Rate (%)

OBB

10.25

O/N Tenor Call

10.50

REPO

Rate (%) 10.25

Foreign Exchange (Spot & Forwards) Tenor

Bid ($/N)

Offer ($/N)

Spot 7D 14D 1M 2M

162.65 162.90 163.16 163.76 164.93

162.75 163.16 163.50 164.41 166.12

14.20 14-MAR-2024 15.00 28-NOV-2028 12.49 22-MAY-2029 8.50 20-NOV-2029 10.00 23-JUL-2030

14-Mar-14 28-Nov-08 22-May-09 20-Nov-09 23-Jul-10

14.20 15.00 12.49 8.50 10.00

165.17 75.00 150.00 200.00 591.57

TOTAL OUTSTANDING VALUE Description

Issuer

Issue Date

Coupon (%)

28-Dec-11 24-May-10 03-Apr-12 09-Dec-11 20-Apr-12 06-Jul-12

0.00 0.00 17.25 0.00/16.00 0.00/16.50 0.00/16.50

Agency Bonds AMCON Sanctity of Truth

FMBN

Monday, July NA7, 2014

***LCRM

APPEAL TOTAL OUTSTANDING VALUE NSE seeks prompt A/Agusto KWARA compliance to post-listing A-/GCR NIGER A+/Agusto KADUNA requirements A/Agusto *EBONYI A+/Agusto

*IMO

A+/Agusto; A+/GCR

LAGOS

T

0.00 AMCON 31-OCT-2014 (SR.5 TR.1) 0.00 FMB 24-MAY-2015 17.25 FMB II 03-APR-2017 0.00/16.00 LCRM 09-DEC-2016 0.00/16.50 LCRM II 20-APR-2017 0.00/16.50 LCRM III 06-JUL-2017

12.03 12.11 12.12 12.12 12.19

Issue Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

Risk Premium (%)

*DELTA

NIGER he Nigerian Stock ExA/Agusto; A-/GCR† change (NSE) *EKITI has urged A-/Agusto *NIGER the National *ONDO Insurance A/Agusto; A-/GCR Commission (NAICOM) A/Agusto; A-/GCR *GOMBE AA-/GCR toAa-/Agusto; expedite action inLAGOS reviewing A/Agusto; A-/GCR *OSUN the accounts of listed insurA/Agusto *OSUN ance companies Aa-/Agusto; AA-/GCR to enable LAGOS them toA-/Agusto; comply with the KOGI regulatory BBB+/DataPro A/Agusto *EKITI deadlines.

A-/GCR *NASARAWA Head / Legal and RegulaTOTAL OUTSTANDING VALUE tion Division, Mrs. Tinuade Corporate Bonds Awe, made this call during an A+/Agusto; AA/GCR LAFARGE interactive session with theWAPCO NaAa/Agusto GTB tional Insurance Commission NGC Nil (NAICOM) and shareholders Bbb-/Agusto *UPDC ofA-/Agusto quoted insurance *FLOURMILLS companies BB+/GCR *CHELLARAMS held in Lagos.

A+/Agusto; A-/GCR NAHCO He also enjoined the Nigerian A-/Agusto FSDH Insurers Association (NIA) as A/GCR UBA the umbrella body of*Cthe indusBBB-/GCR & I LEASING BBB+/DataPro†; BB+/GCR *DANA try , to organise its members and A-/Agusto; A-/GCR

µ

112.20 119.44 102.51 75.00 84.70

#

Valuation Yield (%)

Indicative Price

BUSINESS | FINANCIAL MARKET NEWS 37 978.35 24.56 6.00 112.22 116.70 66.49

31-Oct-14 24-May-15 03-Apr-17 09-Dec-16 20-Apr-17 06-Jul-17

0.33 0.89 1.50 2.43 2.80 3.01

1.00 2.63 2.27 2.00 1.00 1.00

11.77 13.45 13.24 13.21 12.25 12.27

96.33 89.08 105.24 99.14 97.67 95.20

05-Aug-14

0.09

1.56

12.09

100.11

05-Aug-09

14.00

17.00

14.00 NIGER 15-OCT-2014

15-Oct-09

14.00

6.00

15-Oct-14

0.28

3.29

14.01

99.88

12.50 KADUNA 31-AUG-2015

31-Aug-10

12.50

8.50

31-Aug-15

1.16

4.44

15.28

97.09

13.00 EBONYI 30-SEP-2015

30-Sep-10

13.00

16.50

30-Sep-15

0.76

3.23

14.09

99.79

14.00 BENUE 30-JUN-2016

30-Jun-11

14.00

13.00

30-Jun-16

1.28

4.46

15.35

98.54

15.50 IMO 30-JUN-2016

30-Jun-09

15.50

18.50

30-Jun-16

1.29

3.48

14.37

101.31

19-Apr-10

10.00

57.00

19-Apr-17

2.79

5.59

16.84

85.20

30-Jun-10

13.75

50.00

30-Jun-17

1.84

1.00

12.10

102.61

14.00 KWARA 5-AUG-2014

#

13.75 BAYELSA 30-JUN-2017 always make representations to 14.00 EDO 31-DEC-2017 the appropriate quarters when 14.00 DELTA 30-SEP-2018 14.00 NIGER II 4-OCT-2018 the industry issues concerning 14.50 EKITI 09-DEC-2018 are being discussed, or when 14.00 NIGER III 12-DEC-2018 policies affecting the industry 15.50 ONDO 14-FEB-2019 are being 15.50 GOMBEformulated.

02-OCT-2019 14.50 LAGOS Awe said22-NOV-2019 insurance industry 14.75 OSUN 12-DEC-2019 plays a key role in the economy 14.75 OSUN II 30-SEP-2020 the same way the capital market 13.50 LAGOS IV 27-NOV-2020 does. that highlighted 15.00 He KOGIadded 31-DEC-2020 14.50 EKITI 31-DEC-2020 issues of IIthe industry notwith15.00 NASARAWA 06-JAN-2021 standing, the NSE couldn’t bend its post-listing rules to the insurance companies, as it 11.50 LAFARGE WAPCO 7-OCT 2014 ensures a zero tolerance.

13.50 GUARANTY TRUST 18-DEC-2014 She however, called on op17.00 NGC 31-DEC-2014 erators shareholders to 10.00 UPDCand 17-AUG-2015 ensure that companies 12.00 FLOURMILLS 9-DEC-2015 listed on 14.00 CHELLARAMSplay 06-JAN-2016 the Exchange by the rules 29-SEP-2016 of 13.00 theNAHCO business, adding that the 14.25 FSDH 25-OCT-2016 NSE will not stop penalising 13.00 UBA 30-SEP-2017 any company that fail to meet 18.00 C&I LEASING 30-NOV-2017 DANA 9-APR-2018 upMPR+7.00 with the regulatory standard

A-/DataPro†; BB-/GCR

*TOWER#

AAA/DataPro†; A+/GCR

*TOWER#

MPR+5.25 TOWER 9-SEP-2018

A/Agusto; A/GCR

UBA

14.00 UBA II 22-SEP-2018

Bbb+/Agusto; BBB+/GCR

15.75 LA CASERA 18-OCT-2018

BBB-/DataPro†; BB+/GCR

*LA CASERA *CHELLARAMS#

BBB/GCR

*DANA

MPR+7.00 TOWER 9-SEP-2018

of the capital market.

30-Dec-10 14.00 She disclosed that only one 30-Sep-11 14.00 04-Oct-11 company 14.00 insurance filed its 09-Dec-11 14.50 audited financials on time out 12-Dec-13 14.00 of the14-Feb-12 eight firms that have sub15.50 mitted their audited15.50 financials 02-Oct-12 22-Nov-12 14.50review. during the year under 12-Dec-12 14.75 Awe noted that in 2012, 90 30-Sep-13 14.75 per cent of insurance 27-Nov-13 13.50 compa15.00 nies 31-Dec-13 rendered structured dis31-Dec-13 14.50 closure of their companies but 15.00 with06-Jan-14 the emergence of International Financial Reporting standard (IFRS), 28 per cent of them07-Oct-11 have given full11.50 structure 18-Dec-09 13.50 disclosure of their companies.

01-Apr-10 17.00 The NSE boss noted that 17-Aug-10 10.00 with09-Dec-10 the adoption of 12.00IFRS, it was 06-Jan-11 expected that 14.00 insurance 29-Sep-11 13.00 companies would face lesser 25-Oct-13 14.25 challenges in the preparation 30-Sep-10 13.00 and 30-Nov-12 submission of18.00 their ac09-Apr-11 16.00 counts as at when due.

In a bid31-Dec-17 to reinforce its 25.00 3.49 regulatory30-Sep-18 functions, about 50.00 2.46 9.00 04-Oct-18 4.25 21 listed insurance companies 20.00 09-Dec-18 2.66 had paid a total of N60 million 12.00 12-Dec-18 2.66 penalties to14-Feb-19 the Exchange 27.00 3.05 for late submission 2012 20.00 02-Oct-19 of their 3.11 80.00 22-Nov-19 5.39 financial accounts.

30.00 12-Dec-19 3.18 In the X-Compliant Report 11.40 30-Sep-20 3.79 dated April 25, 2014 on 87.00 27-Nov-20 6.40the 5.00 31-Dec-20 6.49 NSE website, these companies 5.00 were said to31-Dec-20 have filed in3.97 their 5.00 06-Jan-21 3.83 financial statements to the 572.90 Exchange after the regulatory due date, which warrants such 11.80

07-Oct-14

0.26

MPR+5.00 CHELLARAMS II 17-FEB-2019 16.00 DANA II 1-APR-2019

inancial analystsNAHCO have preTOTAL OUTSTANDING VALUE dicted 84 per cent growth in profit after Supranational Bond tax of FidelAAA/S&P IFC the 2014 ity Bank Plc during financial year end. VALUE TOTAL OUTSTANDING The analysts at Cordros Rating/Agency Issuer Capital limited in their equity research on the bank, said FGN Eurobonds they forecast that the company BB-/Fitch; B+/S&P a PAT of N14.20 would record BB-/Fitch;in 2014, up 84 per cent billion FGN BB-/S&P from FY-13, and an EPS of BB-/Fitch; N0.49.

BB-/S&P “In our view, easing liquidTOTAL OUTSTANDING VALUE ity conditions, continued balCorporate Eurobonds ance sheet expansion on the B-/S&P; B/Fitch AFREN PLC I back of a strong presence in GTBANK PLC I the corporate segment, more B+/S&P; B+/Fitch GTBANK PLC aggressive activities in the reB+/S&P ACCESS BANK PLC tail segment and better return B/S&P; B/Fitch FIDELITY BANK PLC onB/Fitch asset, should power AFREN future PLC A+/Agusto; A-/GCR

15.25 NAHCO II 14-NOV-2020 earnings trajectory higher than the market currently anticipates, “ they said.

10.20 IFCanalysts 11-FEB-2018 also forecast The a 18.36 per cent y/y increase in interest income to N102.09 billion on theDescription back of an expected y/y loan book growth of 27 per cent as the bank’s JAN 28, 2021 management6.75has highlighted a desire to grow the bank’s dol5.13 JUL 12, 2018 lar loan book and move more JUL 12,the 2023 retail aggressively6.38into segment of the loan market.

In spite of an anticipated 5 per cent y/y decline in the in11.50 FEB 01, 2016 vestment securities portfolio 7.50 MAY 19, 2016 given the declining yields in 6.00 NOV 08, 2018 the fixed-income and money 7.25 JUL 25, 2017 market, they6.88predicted a FYMAY 09, 2018 14 yield on asset of08,112019 per cent 10.25 APR

fines.

1.79 13.08 102.51 Leading the Univer1.80 13.01 pack is 102.23 1.00Insurance 12.33 105.36 sal Plc, which had to 1.00 12.23 105.00 cough out N4.2 million, while 4.78 16.01 95.98 African Alliance Insurance Plc 1.00 12.27 105.45 equally paid12.27 N4 million penal1.00 108.23 107.95 ty1.00 , even as 12.42 Guinea Insurance 2.74 14.02 101.82 Plc paid N3.8 million fines.

1.00 12.30 107.05 The Exchange had103.92 to fine 1.00 12.58 1.94 13.54Assurance 106.18 Plc both Equity 1.44 Niger Insurance 12.75 105.11 and Plc N3.2 1.95 13.26 117.22 million each, while Great Nigerian Insurance Plc was equally fined N3.8 million.

1.00

11.70

99.87

CAP reports 23% Q1 profit

13.17

18-Dec-14

0.46

5.21

16.10

98.85

2.00

31-Dec-14

0.49

8.71

19.64

98.81

15.00

17-Aug-15

0.64

4.88

15.77

96.26

37.50

09-Dec-15

0.95

1.00

11.80

100.42

C

06-Jan-16 0.80 hemical and Allied Products 15.00 (CAP) Plc29-Sep-16 has recorded2.24 a 23.3 5.53 25-Oct-16 2.31 per cent in net earnings for the 20.00 30-Sep-17 3.24 first quarter ended March 0.94 30-Nov-17 2.06 31, 8.01 09-Apr-18 2.02 2014.

09-Sep-11 18.00 3.63 The company 09-Sep-18 in a filing2.18 with 09-Sep-11 16.00 1.00 09-Sep-18 2.18 the Nigerian Stock Exchange 22-Sep-11 14.00 35.00 22-Sep-18 4.22 (NSE) posted a profit after 18-Oct-13 15.75 3.00 18-Oct-18 2.29tax of N402.53 million during 17-Feb-12 17.00 0.54 17-Feb-19 2.37the 01-Apr-14 16.00 4.50 01-Apr-19 3.49 first quarter as against N308.7 15.25 14-Nov-20 6.36 million in 2013. given14-Nov-13 the renew focus on the 2.05 180.17 retail loan market.

The company’s revenue grew According to them, interest by 16.6 per cent to N1.747 billion 11-Feb-13 10.20to grow 12.00 11-Feb-18 billion in 3.61 expense is projected in 2014 from N1.460 2013. by only 6.39 per cent y/y to 12.00Addressing shareholders at N59 billion (despite an esti- the company’s Annual General Issue18 Date Issue Value ($'mm) (AGM) Maturity in DateLagos, Bid ChairYield (%) Meeting mated per centCoupon y/y (%) growth in the deposit base as the bank man of CAP Plc, Mr. Larry Ettah, replaces expenses deposit in- said that despite the challenging 07-Oct-11 28-Jan-21 cluding some public6.75 sector de- 500.00 operating environment in4.89 2013, the company ended the year with posits, actively expanding its 18-Dec-09 5.13 500.00 12-Jul-18 4.14 retail deposit via the opening an impressive performance.

01-Apr-10 6.38 liquid500.00He noted12-Jul-23 5.29 of new branches, and that the company ity conditions in the system 1,500.00 recorded a turnover of N6.2 ease. billion, a growth of 18 per cent They noted that easing li- over the previous year and a 01-Feb-11 3.80 profit before01-Feb-16 tax of N2.1 billion, quidity conditions11.50 led them 450.00 19-May-11 19-May-16 4.89 to estimate cost of 7.50 funds for 500.00 which represents an increase 08-Nov-13 6.00 400.00 08-Nov-18 6.11 FY-1425-Jul-12 at 6.20 per cent, which 350.00 of 26 per cent over the previous 7.25 25-Jul-17 7.03 year. represents a 70bps absolute 09-May-13 6.88 300.00 02-May-18 8.68 decline from FY-13 10.25 print.

08-Apr-12 300.00 Ettah said: 08-Apr-19 “In view 4.81 of 1.50

Fidelity Bank: Analysts see 84% growth in PAT

F

111.90 119.14 102.21 74.70 84.40

NSE to NAICOM: Speed up insurance firms’ account review 10.00 LAGOS 19-APR-2017

A-/Agusto *BAYELSA Stories

by Chris Ugwu A/Agusto EDO A+/Agusto; A+/GCR

12.08 12.15 12.16 12.17 12.24

1,304.32

Sub-National Bonds

*BENUE

9.69 14.40 14.88 15.38 16.05

4,375.01

Rating/Agency

Nil

14-Mar-24 28-Nov-28 22-May-29 20-Nov-29 23-Jul-30

2.63 good performance 13.47 100.51 the of the 1.00 12.19 company , the Board 101.50 has rec1.34 12.54 103.29 ommended a final dividend 1.00 12.28 101.83 of1.88N700 million, representing 13.05 109.60 3.48kobo for 14.65 100 every 50 102.64 kobo or5.20 16.38 103.23 dinary share to shareholders 16.24 101.93 in5.06 the register of members at 1.35 12.67 104.18 the on104.61 May 19, 2.29close of business 13.49 2014 consideration 6.11 for your 17.31 99.63 and 2.16 13.45 106.91 approval.

2.76 103.68 “This is 14.34 in addition to the interim dividend of 125 kobo per share paid on November 19, 1.00 This brings 12.30 94.02 divi2013. the total dend for 2013 financial year to N1.575 billion, representing 225 Offer Yield (%) Bid Price Offer Price kobo per share.”

Reviewing the operations of Prices & Yields the company during the period, 4.74 111.21 our Ettah said: 110.35 “We expanded spread during the year with 3.94 103.60 104.34 the opening of eight new Du5.17colour shops 107.67 108.56 lux in Umuahia, Dopemu, Akure, Jigawa, Abuja, Katsina, Aba and Ughelli. We successfully executed the Dulux 3.06 111.56 112.77 Mobile Room Makeover, an in4.26 104.58 105.73 novative marketing campaign 99.59 100.46 in5.88 the Nigerian clime, to the 6.41 100.59 102.30 delight of our teeming consum8.27 94.21 95.49 ers.

4.36 113.72 114.55

B+/Fitch; BB-/S&P

ZENITH BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

6.35

6.14

99.60

100.44

B/S&P; B-/Fitch

FIRST BANK PLC

8.25 AUG 07, 2020

07-Aug-13

8.25

300.00

07-Aug-20

7.04

6.62

104.23

105.75

B+/S&P; B+/Fitch

AFREN PLC

6.63 DEC 09, 2020

09-Dec-13

6.63

360.00

09-Dec-20

5.58

5.30

104.05

FMDQ Daily Quotations List

TOTAL OUTSTANDING VALUE

3,460.00

105.16

4-Jul-14

Marketin the OTC market. **Treasury FIXINGS The FMDQBills Daily Quotations List (DQL) comprises market and model prices/rates of foreign exchange ($/N) products, fixed income securities and Money instruments use of(Spot this &report is subject ForeignThe Exchange Forwards) DTM Bid Discount (%) Bid Yield (%) Tenor Rate (%) to the FMDQ OTC PLC TermsMaturity of Use and Disclaimer Statement. Offer Discount (%) NIBOR

13 17-Jul-14 10.25 20 24-Jul-14 10.00 27 31-Jul-14 10.20 34 7-Aug-14 10.20 FGN Bonds 41 14-Aug-14 10.05 48 21-Aug-14 10.10 55 28-Aug-14 10.10 Rating/Agency Issuer Description 62 4-Sep-14 10.40 69 11-Sep-14 10.65 9.25 28-SEP-2014 76 18-Sep-14 10.65 4.00 23-APR-2015 83 25-Sep-14 10.50 13.05 16-AUG-2016 90 2-Oct-14 10.70 97 9-Oct-14 10.45 15.10 27-APR-2017 104 16-Oct-14 10.70 9.85 27-JUL-2017 111 23-Oct-14 10.65 9.35 31-AUG-2017 118 30-Oct-14 10.75 10.70 30-MAY-2018 125 6-Nov-14 10.70 NA NA 16.00 29-JUN-2019 139 20-Nov-14 10.60 153 4-Dec-14 10.50 7.00 23-OCT-2019 188 8-Jan-15 10.35 16.39 27-JAN-2022 202 22-Jan-15 10.45 14.20 14-MAR-2024 216 5-Feb-15 10.45 15.00 28-NOV-2028 230 19-Feb-15 10.35 12.49 22-MAY-2029 244 5-Mar-15 10.40 8.50 20-NOV-2029 279 9-Apr-15 10.30 293 23-Apr-15 10.20 10.00 23-JUL-2030 307 7-May-15 10.00 TOTAL *from the OUTSTANDING Amortising bonds, VALUE the # average life is is a calculated Risk Premium combination of credit risk and liquidity risk premiums **Exclusive of non-trading t.bills

Rating/Agency

Issuer

10.00 9.75 9.95 9.95 9.80 9.85 9.85Date Issue 10.15 10.40 28-Sep-07 10.40 23-Apr-10 10.25 16-Aug-13 10.45 10.20 27-Apr-12 10.45 27-Jul-07 10.40 31-Aug-07 10.50 30-May-08 10.45 29-Jun-12 10.35 10.25 23-Oct-09 10.10 27-Jan-12 10.20 14-Mar-14 10.20 28-Nov-08 10.10 22-May-09 10.15 20-Nov-09 10.05 9.95 23-Jul-10 9.75

Description

10.29 10.06 10.28 10.30 10.16 10.24 10.26 (%) Coupon 10.59 10.87 9.25 10.89 4.00 10.76 13.05 10.99 10.75 15.10 11.04 9.85 11.01 9.35 11.14 10.70 11.11 16.00 11.05 10.98 7.00 10.93 16.39 11.09 14.20 11.14 15.00 11.07 12.49 11.18 8.50 11.18 11.11 10.00 10.92

NA

FMBN

Modified Duration Buckets

***LCRM <3

TOTAL OUTSTANDING VALUE

3<5 >5

Sub-National Bonds

Market

0.00 AMCON 31-OCT-2014 (SR.5 TR.1) 0.00 FMB 24-MAY-2015 17.25 FMB II 03-APR-2017 Total Outstanding Porfolio Market Value(Bn) 0.00/16.00 LCRM 09-DEC-2016 Volume(Bn) 0.00/16.50 LCRM II 20-APR-2017 0.00/16.50 LCRM III 06-JUL-2017 1,009.15 953.07 1,145.42 951.30 684.11 756.74 2,838.68 2,661.11 14.00 KWARA 5-AUG-2014

Rate (%) 10.5000 12.1756 13.3289 14.2961

1M 3M 6M

Outstanding Value (N'bn)

Maturity Date

100.00 NITTY 535.00 Tenor 500.27 1M 2M 452.80 3M 20.00 6M 100.00 9M 300.00 12M 351.30 233.90 600.00 NIFEX 165.17 Current Price ($/N) 75.00 BID($/N) 150.00 OFFER ($/N) 200.00 591.57

28-Sep-14 23-Apr-15 Rate (%) 16-Aug-16 10.3107 10.4801 27-Apr-17 10.9900 27-Jul-17 11.0634 31-Aug-17 11.1745 30-May-18 11.2347 29-Jun-19 23-Oct-19 27-Jan-22 14-Mar-24 28-Nov-28 162.5500 22-May-29 162.6500 20-Nov-29 23-Jul-30

OBB

10.25

O/N

10.50

Tenor

REPO

Call (Yrs) TTM 1M 3M 0.24 6M

Rate (%)

Bid10.25 Yield (%) 12.23 13.29 11.08 13.83

Tenor

Spot 7D 14D 1M Offer Yield 2M 3M(%) 6M 10.43 1Y

0.80 10.84 10.15 2.12 11.29 11.21 2.81 11.32 11.26 :Benchmarks 3.06 11.27 11.15 * :Amortising Bond 3.16 11.28 11.16 µ :Convertible Bond 3.90 Management Corporation 11.31 11.21 AMCON: Asset of Nigeria 4.99 11.43 11.36 FGN: Federal Government of Nigeria FMBN: Federal of Nigeria 5.30 Mortgage Bank11.41 11.32 IFC: International 7.57 Finance Corporation 11.82 11.77 LCRM: Local Contractors Receivables Management 9.69 12.08 12.03 NAHCO: Nigerian Aviation Handling Company 14.40 12.15 12.11 O/N: Overnight 14.88 12.16Company 12.12 UPDC: UAC Property Development 15.38 12.17 Company12.12 WAPCO:West Africa Portland Cement 16.05 12.24 12.19 NOTE:

Bid ($/N)

Offer ($/N)

162.65 162.75 162.90 Price 163.16 163.16 163.50 163.76 164.41 164.93 166.12Price Bid Price Offer 166.24 167.89 169.88 173.50 99.52 99.67 177.71 184.74

94.86 95.36 103.20 103.35 108.85 109.00 NA :Not Applicable 96.39 96.69 # :Floating Rate Bond 94.97 95.27 ***: Deferred coupon bonds 98.09 98.39 117.30 †: Bond 117.00 rating expired 82.79 83.09 122.40 122.70 111.90 112.20 NGC: Nigeria-German Company 119.14 119.44 UBA: United Bank for Africa 102.21 102.51 74.70 75.00 84.40 84.70

4,375.01

Issue Date

Agency Bonds AMCON

Bonds Tenor O/N

Coupon (%)

Issue Value (N'bn)

FMDQ FGN BOND INDEX

28-Dec-11 24-May-10 03-Apr-12 Weighting by 09-Dec-11 Outstanding Vol 20-Apr-12 06-Jul-12 35.81 35.75 28.44 100.00 05-Aug-09

0.00 0.00 17.25 Weighting by Mkt 0.00/16.00 Value 0.00/16.50 0.00/16.50 35.55 40.35 24.10 100.00 14.00

978.35 24.56 6.00 Bucket 112.22 Weighting 116.70 66.49 0.36 1,304.32 0.36 0.28 1.00 17.00

Maturity Date

31-Oct-14 24-May-15 03-Apr-17 % Exposure_ 09-Dec-16 Mod_Duration 20-Apr-17 06-Jul-17 17.78 36.41 45.81 100.00 05-Aug-14

Avg. Life/TTM (Yrs)

0.33 0.89 1.50 Implied2.43 Yield 2.80 3.01 11.31 11.70 12.20 11.86 0.09

#

Risk Premium (%) 1.00 2.63 2.27 Implied 2.00 Portfolio Price 1.00 1.00 116.9952 133.3058 98.8910 117.6777 1.56

Valuation Yield (%)

11.77 13.45 13.24 INDEX 13.21 12.25 12.27 1,111.22 1,128.78 1,153.64 1,117.81 12.09

Indicative Price

96.33 89.08 105.24 YTD Return 99.14 (%) 97.67 95.20 11.1216 12.8782 15.3644 11.7812 100.11

A/Agusto

KWARA

A-/GCR

NIGER

14.00 NIGER 15-OCT-2014

15-Oct-09

14.00

6.00

15-Oct-14

0.28

3.29

14.01

99.88

A+/Agusto

KADUNA

12.50 KADUNA 31-AUG-2015

31-Aug-10

12.50

8.50

31-Aug-15

1.16

4.44

15.28

97.09

A/Agusto

*EBONYI

13.00 EBONYI 30-SEP-2015

30-Sep-10

13.00

16.50

30-Sep-15

0.76

3.23

14.09

99.79

Nil

*BENUE

14.00 BENUE 30-JUN-2016

30-Jun-11

14.00

13.00

30-Jun-16

1.28

4.46

15.35

98.54

A+/Agusto

*IMO

15.50 IMO 30-JUN-2016

30-Jun-09

15.50

18.50

30-Jun-16

1.29

3.48

14.37

101.31

A+/Agusto; A+/GCR

LAGOS

10.00 LAGOS 19-APR-2017

19-Apr-10

10.00

57.00

19-Apr-17

2.79

5.59

16.84

85.20

A-/Agusto

*BAYELSA

13.75 BAYELSA 30-JUN-2017

30-Jun-10

13.75

50.00

30-Jun-17

1.84

1.00

12.10

102.61

A/Agusto

EDO

14.00 EDO 31-DEC-2017

30-Dec-10

14.00

25.00

31-Dec-17

3.49

1.79

13.08

102.51

A+/Agusto; A+/GCR

*DELTA

14.00 DELTA 30-SEP-2018

30-Sep-11

14.00

50.00

30-Sep-18

2.46

1.80

13.01

102.23

A-/Agusto; A-/GCR

NIGER

14.00 NIGER II 4-OCT-2018

04-Oct-11

14.00

9.00

04-Oct-18

4.25

1.00

12.33

105.36

Daily Summary as of 04/07/2014

Printed 04/07/2014 15:28:17.017

38 BUSINESS | CAPITAL MARKET

Sanctity of Truth

Daily Summary (Bonds)

No Debt Trading Activity

Daily Summary as of 04/07/2014 Printed 04/07/2014 15:28:17.017

Monday, July 7, 2014

The Nigerian Stock Market Exchange as at July 4, 2014 Daily Summary (Equities)

Daily Summary (Equities)

Activity Summary on Board EQTY

Activity Summary on Board EQTY

AGRICULTURE Crop Production OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals Livestock/Animal Specialties LIVESTOCK FEEDS PLC. Livestock/Animal Specialties Totals

Symbol OKOMUOIL PRESCO

No. of Deals 26 10 36

Current Price 33.00 37.00

Quantity Traded 748,281 54,206 802,487

Value Traded 24,655,561.34 2,030,383.01 26,685,944.35

Symbol LIVESTOCK

No. of Deals 30 30

Current Price 3.10

Quantity Traded 1,391,585 1,391,585

Value Traded 4,302,532.37 4,302,532.37

2,194,072

30,988,476.72

Quantity Traded 12,468 1,500 650 37,127,727 155,682 37,298,027

Value Traded 16,570.36 5,640.00 715.00 192,516,152.59 9,777,951.04 202,317,028.99

37,298,027

202,317,028.99

AGRICULTURE Totals

66

CONGLOMERATES Diversified Daily Summary as ofIndustries 04/07/2014 A.G. LEVENTIS NIGERIA PLC. Printed 04/07/2014 15:28:17.017 CHELLARAMS PLC. JOHN HOLT PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. Diversified Industries Totals

Symbol No. of Deals AGLEVENT 4 CHELLARAM 2 JOHNHOLT 2 TRANSCORP 350 Daily Summary (Equities) UACN 38 396

Activity Summary on Board EQTY

CONGLOMERATES Totals

Current Price 1.31 3.95 1.15 5.24 66.00

396

CONSTRUCTION/REAL ESTATE Construction Published by Building The Nigerian Stock Exchange © ARBICO PLC. Building Construction Totals

HEALTHCARE Pharmaceuticals PHARMA-DEKO PLC. Pharmaceuticals Totals

IT Services COMPUTER WAREHOUSE GROUP PLC NCR (NIGERIA) PLC. IT Services Totals Processing Systems INTERNATIONAL PLC Daily Summary E-TRANZACT as of 04/07/2014 Processing Systems Totals Printed 04/07/2014 15:28:17.017

Current Price 5.30

Quantity Traded Page 375 375

1Value Traded of 13 2,065.50 2,065.50

Building Structure/Completion/Other COSTAIN (W A) PLC. Building Structure/Completion/Other Totals

Symbol COSTAIN

No. of Deals 6 6

Current Price 1.38

Quantity Traded 41,979 41,979

Value Traded 57,118.68 57,118.68

Infrastructure/Heavy Construction JULIUS BERGER NIG. PLC. Infrastructure/Heavy Construction Totals

Symbol JBERGER

No. of Deals 44 44

Current Price 69.00

Quantity Traded 477,916 477,916

Value Traded 32,258,425.30 32,258,425.30

Real Estate Development UACN PROPERTY DEVELOPMENT CO. LIMITED Real Estate Development Totals

Symbol UAC-PROP

No. of Deals 14 14

Current Price 17.65

Quantity Traded 130,220 130,220

Value Traded 2,309,336.00 2,309,336.00

650,490

34,626,945.48

Current Price 10.17 194.23 29.40 2.58 173.50

Quantity Traded 215,500 87,066 1,707,339 40,100 1,164,715 3,214,720

Value Traded 2,102,550.00 16,931,837.70 50,122,252.78 98,646.00 200,450,252.76 269,705,539.24

No. of Deals 44 44

Current Price 102.53

Quantity Traded Page 252,718 252,718

2Value Traded of 13 26,001,645.07

Symbol CHAMPION GUINNESS DailyINTBREW Summary JOSBREW NB

CONSUMER GOODS PublishedBeverages--Non-Alcoholic

by The Nigerian Stock Exchange © 7-UP BOTTLING COMP. PLC. Beverages--Non-Alcoholic Totals

No. of Deals 7 53 29 (Equities) 2 99 190

Symbol 7UP

Food Products DANGOTE FLOUR MILLS PLC DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC NATIONAL SALT CO. NIG. PLC Food Products Totals

Symbol DANGFLOUR DANGSUGAR FLOURMILL HONYFLOUR NASCON

No. of Deals 47 93 46 38 22 246

Current Price 8.20 9.30 78.00 4.10 11.11

Quantity Traded 245,220 2,518,292 348,986 1,422,750 270,232 4,805,480

Value Traded 1,999,549.36 23,490,018.13 26,712,983.46 5,812,572.34 3,006,038.83 61,021,162.12

Food Products--Diversified CADBURY NIGERIA PLC. NESTLE NIGERIA PLC. Food Products--Diversified Totals

Symbol CADBURY NESTLE

No. of Deals 38 17 55

Current Price 74.50 1,090.00

Quantity Traded 263,683 21,592 285,275

Value Traded 19,617,805.30 23,600,375.22 43,218,180.52

Symbol VITAFOAM VONO

No. of Deals 19 2 21

Current Price 4.10 1.44

Quantity Traded 327,369 1,000 328,369

Value Traded 1,333,885.85 1,370.00 1,335,255.85

Symbol PZ UNILEVER

No. of Deals 40 41 (Equities) 81

Current Price 36.55 55.00

Quantity Traded 158,487 178,685 337,172

Value Traded 5,674,282.70 9,787,042.71 15,461,325.41

Household Durables VITAFOAM NIG PLC. VONO PRODUCTS PLC. Daily Summary as of 04/07/2014 Household Durables Totals Printed 04/07/2014 15:28:17.017 Personal/Household Products P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC. Personal/Household Products Totals

Daily Summary

Activity Summary on Board EQTY Published

by The Nigerian Stock Exchange ©

Page

CONSUMER GOODS CONSUMER GOODS Totals FINANCIAL SERVICES Banking ACCESS BANK PLC. DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED Daily Summary as BANK of 04/07/2014 FIDELITY PLC Printed 04/07/2014 15:28:17.017 GUARANTY TRUST BANK PLC. SKYE BANK PLC STERLING BANK PLC. UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. UNITY BANK PLC Activity WEMASummary BANK PLC.on Board EQTY FINANCIAL SERVICES Banking ZENITH INTERNATIONAL BANK PLC Banking Totals Insurance Carriers, Brokers and Services AIICO INSURANCE PLC. CONTINENTAL REINSURANCE PLC GREAT NIGERIAN INSURANCE PLC INTERNATIONAL ENERGY INSURANCE COMPANY PLC MANSARD INSURANCE PLC MUTUAL BENEFITS ASSURANCE PLC. Published by The Nigerian Stock Exchange © N.E.M INSURANCE CO (NIG) PLC. NIGER INSURANCE CO. PLC. PRESTIGE ASSURANCE CO. PLC. REGENCY ALLIANCE INSURANCE COMPANY PLC UNITY KAPITAL ASSURANCE PLC WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals Daily Summary as of 04/07/2014 Printed 04/07/2014 15:28:17.017 Micro-Finance Banks FORTIS MICROFINANCE BANK PLC NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals

Mortgage Carriers, Brokers and Services

ASO SAVINGSon AND LOANS PLC Activity Summary Board EQTY

PublishedFINANCIAL

by The Nigerian Stock Exchange © SERVICES Mortgage Carriers, Brokers and Services INFINITY TRUST MORTGAGE BANK PLC RESORT SAVINGS & LOANS PLC Mortgage Carriers, Brokers and Services Totals Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC CUSTODIAN AND ALLIED PLC DEAP CAPITAL MANAGEMENT & TRUST PLC FBN HOLDINGS PLC FCMB GROUP PLC. NIGERIA ENERYGY SECTOR FUND ROYAL EXCHANGE PLC. STANBIC IBTC HOLDINGS PLC UBA CAPITAL PLC Other Financial Institutions Totals

637 Symbol No. of Deals ACCESS 112 DIAMONDBNK 62 ETI 89 FIDELITYBK 84 GUARANTY 246 SKYEBANK 97 STERLNBANK 78 UBA 145 Daily Summary (Equities) UBN 62 UNITYBNK 22 WEMABANK 27 Symbol ZENITHBANK

Published by The Nigerian Stock Exchange ©

Electronic and Electrical Products CUTIX PLC. Electronic and Electrical Products Totals

of

OIL AND GAS Energy Equipment and Services JAPAUL OIL & MARITIME SERVICES PLC Energy Equipment and Services Totals Integrated Oil and Gas Services OANDO PLC Integrated Oil and Gas Services Totals

13

416,743,108.21

Quantity Traded 5,624,874 4,597,337 2,555,491 57,361,402 25,901,189 4,974,709 16,280,623 7,584,557 1,077,984 4,122,200 2,315,430

Value Traded 54,576,833.40 28,892,959.85 43,226,315.86 114,820,314.07 758,489,056.68 16,378,296.48 37,362,776.06 59,780,380.47 10,466,054.68 2,061,100.00 2,199,122.10

SERVICES Automobile/Auto Part Retailers R T BRISCOE PLC. Automobile/Auto Part Retailers Totals

Value Traded 67,699,081.31 1,195,952,290.96

Current Price 0.78 1.09 0.50 0.50 2.70 0.54 0.83 0.50 0.53 0.50 0.50 0.85

Quantity Traded 1,362,823 538,900 1,000,000 42,003 319,770 2,020,124 Page 3,708,816 16,000 132,576 900 100 25,720,310 34,862,322

Symbol FORTISMFB NPFMCRFBK

No. of Deals 1 9 10

Current Price 5.96 0.84

Quantity Traded 10,000,000 215,900 10,215,900

Value Traded 59,600,000.00 175,695.45 59,775,695.45

No. of Deals 1

Current Price 0.50

Quantity Traded 500

Value Traded 250.00

Value Traded 1,063,132.69 584,001.00 500,000.00 21,001.50 871,998.10 1,091,311.04 4 of 13 3,021,198.32 8,000.00 69,767.04 450.00 50.00 21,546,174.47 28,777,084.16

5

of

Symbol INFINITY RESORTSAL

No. of Deals 2 2 5

Current Price 1.61 0.50

Quantity Traded 40,000 4,000,000 4,040,500

Value Traded 64,200.00 2,000,000.00 2,064,450.00

Symbol AFRIPRUD CUSTODYINS DEAPCAP FBNH FCMB NESF ROYALEX STANBIC UBCAP

No. of Deals 34 55 1 357 42 2 5 29 41 566

Current Price 3.28 4.03 0.91 15.80 4.36 552.20 0.50 26.73 2.35

Quantity Traded 382,951 2,304,402 500 5,647,365 1,797,205 9,930 215,430 838,991 2,790,405 13,987,179

Value Traded 1,253,540.49 8,935,420.77 435.00 89,432,777.76 7,841,304.80 5,481,360.00 108,220.00 22,592,671.48 6,599,075.07 142,244,805.37

198,202,056

1,428,814,325.94

Quantity Traded 61,757 1,207,342 5,000 152,092 195,400

Value Traded 145,657.82 3,795,683.00 333,064.00 255,794.75 257,928.00

2,004 Symbol EVANSMED FIDSON GLAXOSMITH MAYBAKER NEIMETH

No. of Deals 12 21 5 15 4

Current Price 2.43 3.25 68.00 1.67 1.32

Page

6

of

No. of Deals 3 3 6

Current Price 5.00 15.20

Quantity Traded 3,300 3,462 6,762

Value Traded 16,496.00 52,627.40 69,123.40

Symbol ETRANZACT

No. of Deals 1 1

Current Price 2.21

Quantity Traded 2,000 2,000

Value Traded 4,200.00 4,200.00

No. of Deals 1

Current Price 0.50

Quantity Traded 100,000

Value Traded 50,000.00

(Equities)

13

1

100,000

50,000.00

9

109,262

123,573.40

Current Price 29.00 9.00

Quantity TradedPage 2,180,010 34,949

7 of 13 Value Traded 62,178,970.00 300,712.51

Symbol CAP CCNN DANGCEM DNMEYER PAINTCOM PORTPAINT WAPCO

No. of Deals 16 35 48 3 2 21 48 288

Current Price 38.50 11.50 250.00 1.16 1.40 5.15 111.00

Quantity Traded 175,042 255,388 1,296,366 57,000 500,000 334,253 1,373,428 6,206,436

Value Traded 6,830,121.69 2,922,937.40 317,338,597.18 66,120.00 700,000.00 1,771,878.76 152,958,446.38 545,067,783.92

Symbol CUTIX

No. of Deals 6 6

Current Price 1.97

Quantity Traded 59,800 59,800

Value Traded 118,546.50 118,546.50

Symbol AVONCROWN BETAGLAS

No. of Deals 3 1 4

Current Price 1.69 16.30

Quantity Traded 7,687 20 7,707

Value Traded 13,605.99 341.80 13,947.79

6,273,943

545,200,278.21

298

Daily Summary (Equities) Symbol No. of Deals Current Price BOCGAS

Symbol ALUMACO

2 2

5.76

No. of Deals 3 3

Current Price 7.75

Quantity Traded 5,400 Page 5,400

Quantity Traded Page 500 500

5

8

Value Traded 30,240.00 of 13 30,240.00

Traded13 9Value of 3,685.00 3,685.00

5,900

33,925.00

Symbol JAPAULOIL

No. of Deals 80 80

Current Price 0.55

Quantity Traded 6,169,320 6,169,320

Value Traded 3,345,403.04 3,345,403.04

Symbol OANDO

No. of Deals 496 496

Current Price 28.50

Quantity Traded 11,196,941 11,196,941

Value Traded 313,661,319.74 313,661,319.74

Symbol No. of Deals BECOPETRO 1 CONOIL 31 ETERNA 51 FO 73 MOBIL 22 Daily MRSSummary (Equities) 40 TOTAL 33 251

Current Price 0.50 65.40 4.60 200.08 135.06 63.18 171.11

Quantity Traded 2,000 31,187 1,198,779 138,071 47,969 169,981 145,633 1,733,620

Value Traded 1,000.00 1,904,107.67 5,271,138.16 27,683,398.19 6,361,400.13 9,697,226.94 24,990,041.86 75,908,312.95

Symbol SEPLAT

No. of Deals 76 76

OIL AND GAS Totals

No. of Deals 27 4 3 2 19 13 21 1 5 5 1 163 264

Page

Petroleum and Petroleum Products Distributors BECO Daily Summary as PETROLEUM of 04/07/2014 PRODUCT PLC CONOIL PLC Printed 04/07/2014 15:28:17.017 ETERNA PLC. FORTE OIL PLC. MOBIL OIL NIG PLC. MRS OIL NIGERIA PLC. TOTAL NIGERIA PLC. Petroleum and Petroleum Activity Summary on BoardProducts EQTY Distributors Totals OIL AND GAS Exploration and Production SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD Published by The Nigerian Stock Exchange © Exploration and Production Totals

Symbol AIICO CONTINSURE GNI INTENEGINS MANSARD MBENEFIT NEM NIGERINS PRESTIGE REGALINS UNITYKAP WAPIC

Symbol ASOSAVINGS

Symbol CWG NCR

NATURAL RESOURCES Totals

Current Price 25.10

Daily Summary (Equities)

Value Traded 250.00 250.00

INDUSTRIAL GOODS Totals

NATURAL RESOURCES Metals Published by The Nigerian Stock Exchange © ALUMINIUM MANUFACTURING COMPANY PLC Metals Totals

9,223,734

Quantity Traded 2,700,359 135,096,155

Packaging/Containers AVON CROWNCAPS & CONTAINERS BETA GLASS CO PLC. Daily Summary as of 04/07/2014 Packaging/Containers Totals Printed 04/07/2014 15:28:17.017

NATURAL RESOURCES Chemicals B.O.C.Stock GASES PLC. © Published by The Nigerian Exchange Chemicals Totalson Board EQTY Activity Summary

No. of Deals 135 1,159

FINANCIAL SERVICES Totals HEALTHCARE Pharmaceuticals EVANS MEDICAL PLC. FIDSON HEALTHCARE PLC GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC

Current Price 9.71 6.40 17.32 2.00 29.60 3.34 2.30 7.90 9.60 0.50 0.95

3

4,815,208.39

Quantity Traded 500 500

Symbol No. of Deals Daily Summary (Equities) ASHAKACEM 102 BERGER 13

INDUSTRIAL GOODS Building Materials CAP PLC CEMENT CO. OF NORTH.NIG. PLC DANGOTE CEMENT PLC DN MEYER PLC. PAINTS AND COATINGS MANUFACTURES PLC PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE WAPCO PLC. Building Materials Totals

26,001,645.07

1,639,691 Current Price 0.50

Printed 04/07/2014 15:28:17.017

Activity Summary on Board EQTY

Value Traded 27,080.82 4,815,208.39

No. of Deals 1 1

ICT Totals Activity Summary on Board EQTY

INDUSTRIAL GOODS

Quantity Traded 18,100 1,639,691

Symbol OMATEK

Telecommunications Services Symbol MASS TELECOMMUNICATION INNOVATIONS NIGERIA MTI PLC Daily Summary Telecommunications Services Totals Daily Summary as of 04/07/2014

Building Materials Published

by The Nigerian Stock Exchange © ASHAKA CEM PLC BERGER PAINTS PLC

Current Price 1.50

62

ICT Computers and Peripherals OMATEK VENTURES PLC Computers and Peripherals Totals

No. of Deals 4 4

68

No. of Deals 5 62

HEALTHCARE Totals

Symbol ARBICO

CONSTRUCTION/REAL ESTATE Totals Daily Summary as of 04/07/2014 CONSUMER GOODS Printed 04/07/2014 15:28:17.017 Beverages--Brewers/Distillers CHAMPION BREW. PLC. GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. JOS INT. BREWERIES PLC. NIGERIAN BREW. PLC. Activity Summary on Board EQTY Beverages--Brewers/Distillers Totals

Symbol PHARMDEKO

Current Price 720.00

903

Quantity Traded 228,663 Page 228,663

Value Traded 164,244,864.37 10 of 13 164,244,864.37

19,328,544

557,159,900.10

Symbol RTBRISCOE

No. of Deals 24 24

Current Price 1.07

Quantity Traded 456,553 456,553

Value Traded 494,484.78 494,484.78

Courier/Freight/Delivery RED STAR EXPRESS PLC TRANS-NATIONWIDE EXPRESS PLC. Courier/Freight/Delivery Totals

Symbol REDSTAREX TRANSEXPR

No. of Deals 15 4 19

Current Price 4.81 1.97

Quantity Traded 238,275 67,600 305,875

Value Traded 1,150,188.26 133,190.00 1,283,378.26

Employment Solutions C & I LEASING PLC.

Symbol CILEASING

No. of Deals 3 3

Current Price 0.52

Quantity Traded 1,025,000 1,025,000

Value Traded 532,500.00 532,500.00

Symbol TANTALIZER

No. of Deals 1 1

Current Price 0.50

Quantity Traded 100 100

Value Traded 50.00 50.00

Quantity Traded 100 21,060

Value Traded 428.00 16,005.60

Employment Solutions Totals Daily Summary as of 04/07/2014 Printed 04/07/2014 15:28:17.017 Hospitality TANTALIZERS PLC Hospitality Totals Hotels/Lodging CAPITAL HOTEL PLC Activity Summary IKEJA HOTEL on PLCBoard EQTY

Daily Summary (Equities) Symbol No. of Deals Current Price 1 3

4.50 0.80

Symbol

No. of Deals 4

Current Price

Quantity Traded 21,160

Printing/Publishing ACADEMY PRESS PLC. LEARN AFRICA PLC UNIVERSITY PRESS PLC. Printing/Publishing Totals

Symbol ACADEMY LEARNAFRCA UPL

No. of Deals 3 15 11 29

Current Price 1.71 1.55 4.46

Quantity Traded 13,200 487,000 60,402 560,602

Value Traded 21,810.00 749,780.00 258,400.60 1,029,990.60

Road Transportation ASSOCIATED BUS COMPANY PLC Road Transportation Totals

Symbol ABCTRANS

No. of Deals 38 38

Current Price 0.85

Quantity Traded 2,420,813 2,420,813

Value Traded 2,043,947.04 2,043,947.04

Transport-Related Services AIRLINE SERVICES AND LOGISTICS PLC NIGERIAN AVIATION HANDLING COMPANY PLC Transport-Related Services Totals

Symbol AIRSERVICE NAHCO

No. of Deals 2 59 61

Current Price 2.45 4.85

Quantity Traded 1,400 1,368,673 1,370,073

Value Traded 3,420.00 6,690,932.63 6,694,352.63

Support and Logistics CAVERTON OFFSHORE SUPPORT GRP PLC Support and Logistics Totals

Symbol CAVERTON

No. of Deals 54 54

Current Price 6.80

Quantity Traded 1,378,764 1,378,764

Value Traded 8,866,773.80 8,866,773.80

233

7,538,940

20,961,910.71

4,681

282,464,659

3,241,784,681.15

SERVICES Published

by The Nigerian Stock Exchange © Hotels/Lodging Hotels/Lodging Totals

CAPHOTEL IKEJAHOTEL

SERVICES Totals Daily Summary as of 04/07/2014 Printed 04/07/2014 15:28:17.017

EQTY Board Totals

Published by The Nigerian Stock Exchange ©

Equity Activity Totals

Page

Page

4,681

282,464,659

11

of

Value Traded 16,433.60

12

of

3,241,784,681.15

Daily Summary (ETP) Exchange Traded Fund

Name NEWGOLD EXCHANGE TRADED FUND (ETF) VETIVA GRIFFIN 30 ETF Exchange Traded Fund Totals

13

Symbol NEWGOLD VETGRIF30

No. of Deals 1 2 3

Current Price 2,082.00 19.48

Quantity Traded 25 3 28

Value Traded 52,050.00 58.41 52,108.41

ETF Board Totals

3

28

52,108.41

ETP Activity Totals

3

28

52,108.41

13

13

business | MOVERS, SHAKERS & CAREER 39

Sanctity of Truth

Monday, July 7, 2014

GTBank appoints Schlumberger chairman as director

G

uaranty Trust Bank plc has appointed Mr. Hezekiah Sola Oyinlola as a non- executive director.

Oyinlola is a seasoned professional with over thirty years experience in the oil and gas industry, having worked at Schlumberger Group since 1984. He has held multiple senior roles on the management team and was the first Nigerian Managing Director of Schlumberger Group in Nigeria.

In 2011 Oyinlola was appointed to his current position as Chairman of Africa Schlumberger Group.

In a recent statement, the Managing Director, Guaranty Trust Bank plc; Segun Agbaje said, "We are pleased to have appointed Mr. Oyinlola; a seasoned professional with a proven track record to this position. All of us at Guaranty Trust Bank wish him the very best in his new position."

Oyinlola's appointment has been approved by the Central Bank of Nigeria in compliance with the highest level of corporate governance standards.

Guaranty Trust Bank plc was established in 1990 and has within the last 24 years come to be recognized as one

of the most innovative and service focused banks in the Nigerian financial market space. The Bank operates from over 230 business locations in Nigeria and banking subsidiaries in Cote D'Ivoire Gambia, Ghana, Kenya, Liberia, Rwanda, Sierra Leone, Uganda and the United Kingdom.

In recognition of it service standards, management quality and financial performance, the Bank has been the recipient of numerous awards over the years that most recently include the African Bank of the Year from African Banker Magazine.

L-R: Chairman Civil service commission, Mrs. Joan Ayo; Director General Bureau of public reforms Dr.Joe Abah; Permanent Secretary, Career Management Office in the Office of the Head of the Civil Service of the Federation Alhaji Mohammed Abbas, and Vice President, Mohammed Namadi Sambo, during the inauguration of the implementation committee of the white paper on restructuring and rationalization of federal government Agencies, parastatals and commission at the Presidential Villa, Abuja..yesterday.

PHOTO:TIMOTHY IKUOMENISAN.

First Bank makes Adeduntan ED, CFO

F

irst Bank of Nigeria Limited has appointed Dr. Adesola Kazeem Adeduntan (FCA) as Chief Financial Officer (CFO), to replace the former CFO, Mr. Adebayo Adelabu, who was recently appointed a Deputy Governor of the Central Bank of Nigeria. Adeduntan's appointment, which is in the executive director cadre, has received the statutory approval of the Central Bank of Nigeria, the bank also said.

According to the Group Managing Director/Chief Executive Officer of FirstBank, Mr. Bisi Onasanya, "the choice of the new CFO is in line with the Bank's commitment to attracting the best resources in the industry, sustaining best practice in its operations, and enhancing the capacity of the executive management and Board, by deepening specialization and strengthening the corporate governance culture of the Bank which is in its 120th year."

A Fellow of the Institute of Chartered Accountants of Nigeria with over 20 years' experience, Adeduntan was prior to his appointment, a director

and the pioneer Chief Financial Officer of Africa Finance Corporation (AFC). Before joining AFC, Adeduntan was a Senior Vice-President & Chief Financial Officer of Citibank Nigeria Limited, Citigroup's largest subsidiary in Sub-Sahara Africa, and was previously a senior manager in the Financial Services Group of KPMG Professional Services where he led/managed high profile assurance, financial and risk advisory engagements.

He has garnered diverse hands-on experience covering deep skills and expertise in treasury & financial management, risk management, accounting (IFRS) /auditing/ internal controls, corporate governance, corporate strategy development and implementation. Aside these, he has been involved in corporate finance, business performance management, business/financial advisory, investors, regulators and rating agencies relationship management, deployment and management of information technology, and compliance.

Adeduntan attended University of Ibadan, where he obtained a Doctor of Veterinary

Medicine (DVM) degree. He also holds a Master's Degree in Business Administration (MBA) from Cranfield University Business School, United Kingdom which he attended as a distinguished "British Chevening Scholar." In addition to his MBA, he has attended executive/leadership programmes at Harvard, Cambridge, Oxford and INSEAD. Commenting further on the appointment, Onasanya said as the leading financial services institution in Nigeria, First Bank was keen on ensuring adherence to leading international best practices in the constitution of its board and management.

"We, therefore, continuously seek the most capable talents in-house and in the industry to fill vacant positions within the group and the choice of the new CFO typifies FirstBank's value system hinged on dependability, entrepreneurship, integrity, resilience, dynamism, good governance and service excellence.

I trust that he will bring to bear his wealth of experience and positively impact our drive for sustainable growth and development," he enthused.

ELAN elects new board, Chuka Onwuchekwa is chair he Equipment Leasing Other members of the new T(ELAN) Association of Nigeria board are Abdullahi Ibrahim, has elected a new Executive Vice-President Reboard of directors with Chuka Onwuchekwa, Managing Director, Aquila Leasing Limited emerging chairman.

Onwuchekwa was elected at the 19th annual general meeting of ELAN held recently in Lagos. The new chairman was a member of the immediate board of the organization and he is expected to bring to bear his wealth of experience in the leasing industry to reposition the association as a top class business membership organisation that would support the promotion of the leasing business in Nigeria.

In his acceptance remarks, Onwuchekwa stated, "It is important for ELAN to continue to pursue activities that would lead to the attainment of the association's primary objective of promoting leasing business in Nigeria.

Essentially, considerable efforts shall be made to be more responsive to the needs of members through activities that would enhance their practice as lessors to sustain their interest in the Association.

"In this regard, we shall channel our efforts towards sustained engagement with relevant authorities and organisations for better operating environment, enhanced visibility and utilisation of leasing; organising networking events for members to interact and discuss issues pertaining to the development of leasing. "

tail Banking North, First Bank Limited who was elected Vice Chairman; Oluwatoyin Okeowo, CEO Metropolitan Motors; Chukwuma Ochonogor, CEO Rosabon Financial Services Ltd; and Christian Chigbundu, GM, Cosharis Mobility Ltd. Others are Bode Dinyo, MD, Mint Seal Service Ltd, Elizabeth Ehigiamusoe CEO, Micro Investment Support Service Ltd and Alfred Okugbeni, CEO Equipment Solutions Ltd. It will be recalled that Modern leasing started in Nigeria in 1960s and has continued to contribute meaningfully to the economic development of the country and has remained active despite difficult operating environment.

ELAN said its members and indeed the leasing industry remained resolute and more determined in creating wealth and adding real value to the Nigerian economy.

It said that today, the impact of leasing is becoming more pronounced in the various sectors of the economy facilitating the easy acquisition of productive assets. As at the end of 2013, outstanding lease volume was up from N671bn in 2012 to N780bn, representing a growth rate of 16.3 percent as against 7.8 percent in 2012.

Onwuchekwa who was the pioneer of Aquila Leasing Ltd and has been the company's MD since inception, has seen the company grow to become one of the top players in Nigerian Leasing.

Microsoft names GM for Africa, Middle East region eading technology solutions currently holds BSc and MBA Lnounced firm, Microsoft has an- degrees from the University the appointment of of Durban-Westville and Open Mteto Nyati, as General Manager: Middle East and Africa (MEA) Emerging Regions.

The firm also announced that Zoaib Hoosen has been elevated to the role of managing director in Microsoft South Africa.

Nyati has been in the role of MD Microsoft Sosuth Africa since September 2008 and will be moving onto a more strategic role for Microsoft as General Manager: MEA Emerging Regions, while Hoosen will focus solely on the South African business.

Before joining Microsoft, Hoosen spent nearly 21 years at IBM, where he started as an IT graduate in 1989 and rose through the ranks to hold several leadership positions. In his final assignment at IBM, he headed up the company's Middle East and Africa public sector business.

Hoosen joined Microsoft SA in 2010 as the Enterprise and Partner Group (EPG) Director, before being promoted by Nyati to the strategic role of Chief Operating Officer in 2013. Hoosen

University in the UK respectively.

Hoosen noted that technology was reshaping the world today, adding that two key trends were emerging globally: the digitsation of devices in varying form factors, and the ability to process volumes of data to gain better insights this was one reason for the firm to be reshaping for the future.

"Firstly, everything is becoming digitised and we are seeing an abundance of devices in different form factors emerging â&#x20AC;&#x201C; these devices are all connected. In the next five to ten years, the world is not going to be defined by the form factors we know and love today, but by those that will come to be.

"Secondly, and perhaps the most important trend of all, is the ability to reason over all that digitised information with vast amounts of capability, such as machine learning in real-time, and to really take all that insight you get by reasoning over that data, and improve what you can do as humans," he added.

40 business | GLOBAL NEWS

T

he European Commission signaled it will try to impose rules on virtual currencies such as Bitcoin after the bloc’s banking regulator ordered lenders to shun them.

“It’s imperative to move quickly on this issue,” Chantal Hughes, a spokeswoman for Financial Services Commissioner Michel Barnier, said by e-mail today. “The potential for money laundering and terrorist financing is too serious to ignore.”

The Commission, the EU’s executive arm, moved after the European Banking Authority said banks shouldn’t buy, hold or sell virtual currencies until regulators develop safeguards to protect their integrity. The watchdog identified more than 70 risks linked to the currencies ranging from

Sanctity of Truth

EU banks must shun Bitcoin until rules in place, says EBA

identity theft to the possibility hackers could target a trading platform.

Virtual currencies have come under increased scrutiny from regulators and prosecutors around the globe. Mt. Gox, once the world’s biggest Bitcoin exchange, filed for bankruptcy in Japan earlier this year amid claims it lost 850,000 Bitcoins.

China’s central bank barred financial firms from handling virtual currency transactions last year.

“Regulators have become alert to the potential for fraud

and disruption,” Richard Reid, a research fellow for finance and regulation at the University of Dundee, Scotland, said by e-mail. “Such attention from regulators is bound to curb the growth of markets such as Bitcoin.”

The EBA called on the EU to devise rules for trading platforms and start groups to oversee each internet currency to ensure that no individual can manipulate a currency. The EU should consider extending the scope of anti-money laundering law to better cover virtual

currencies, according to the EBA. “The EBA is of the view that a regulatory approach to addressing the risks it has identified would require a substantial body of regulation,” the regulator warned.

Widespread use of the currencies could also make it harder for central banks to steer the economy by making the effects of monetary policy harder to predict, the EBA noted.

Bitcoins emerged in 2009 out of a paper authored under

Monday, July 7, 2014

the pseudonym Satoshi Nakamoto. Since then, retailers selling items from Gummi Bears to luxury homes have started accepting Bitcoins, and new companies have begun offering ways to ease its use as a payment system.

The currency gained credibility after law enforcement and securities agencies said in U.S. Senate hearings that it could be a legitimate means of exchange. The price of Bitcoins topped $1,000 as speculators anticipated broader use of digital money.

Bank of Cyprus depositors face new blow with share sale ess than a year after the con“A possible capital transacLdeposits version of almost half their tion will be structured in a way over 100,000 euros that allows the opportunity for ($136,000) into equity, Bank of Cyprus Pcl shareholders face another potential blow as the lender’s management prepares to woo international investors for a stock sale.

The board of directors of the Mediterranean nation’s biggest bank decided Friday “to proceed with exploring investor interest for a potential capital increase,” according to a Cyprus bourse filing.

The lender was responding to an ultimatum this week by Central Bank Governor, Chrystalla Georghadji, to raise at least one billion euros in new capital by August 8 before euro-area bank stress tests. Such a move was opposed by shareholders, many of them Russian, who are concerned their stakes will be diluted, according to a senior Bank of Cyprus official who asked not be identified because the discussions are private.

Some shareholders asked board members to seek a delay until the end of August to allow them to raise funds to maintain their stakes, the official said.

They also told the board that a price of less than 30 cents in the offering would be unacceptable and sought to be given preference over new investors in the stock sale, the official said.

existing shareholders to participate,” the lender said in today’s filing. The final terms will be decided at a future board meeting, according to the filing.

As part of the nation’s 10 billion-euro rescue package in 2013, Bank of Cyprus absorbed its nearest competitor, Cyprus Popular Bank Pcl, and was recapitalized last July through the conversion of deposits into shares. Existing shareholders were almost completely wiped out, and 21,000 bank clients who had deposits of more than 100,000 euros saw 47.5 per cent of their uninsured savings converted into equity at 1 euro a share.

That left depositors with 81.4 percent of the bank’s stock.

Many of those shareholders are Russian as their deposits on the island before the bailout were estimated at $20 billion.

Now, with the value of their holdings depreciating amid a surge in bad loans and trading in the shares suspended, they face dilution from the stock sale, Spyros Stavrinakis, former deputy governor of the country’s central bank, said in an interview in Nicosia. External capital controls remain in place to protect against financial collapse.

Brent oil heads for biggest weekly loss since January rent crude headed for its bigBmonths gest weekly decline in six as Libya prepared to

resume exports from two terminals and Iraq’s crude production remained unaffected by violence. West Texas Intermediate fell for a seventh day, the longest retreat since 2009.

Brent and WTI futures both slipped by 0.3 percent today.

Libya will start shipping crude from Es Sider and Ras Lanuf at full capacity after taking back control of the ports from rebels, according to National Oil Corp.

Fighting in Iraq hasn’t spread to the south, home to more than

three-quarters of its output.

Hurricane Arthur, the first to make landfall on the United States since 2012, weakened as it pulled away from North Carolina.

“The thing which pushed oil really down was Libya saying it will reopen the two terminals,” Hans van Cleef, an energy economist at ABN Amro Bank NV, said by phone from Amsterdam.

“We’ll have to wait and see what actually happens, but for the moment it gives some relief. In Iraq we expect exports and production will probably remain untouched.”

An employee straddles a BMW R 1200 GS motorbike during dynamometer testing at the Bayerische Motoren Werke AG (BMW) factory in Berlin: Credit...Bloomberg

Italy to weigh move to block potential Tim Brasil deal I taly is discussing a measure to give the government power to block an eventual sale or breakup of Telecom Italia SpA (TIT)’s Brazilian unit, according to three people with knowledge of the matter.

Prime Minister Matteo Renzi’s administration may broaden a “golden power” decree adopted in June that gives the government the right to veto deals in industries deemed to be of national interest to include communication networks owned by Italian companies abroad, the people said, who asked not to be identified because the discussions are confidential.

Telecom Italia shares fell as much as 4.1 per cent in Milan and Tim Brasil dropped as much as 4.7 per cent in Sao Paulo. Italian officials are concerned that a possible transaction involving the network of Tim Brasil (TIMP3), the country’s secondlargest wireless carrier, could jeopardize a strategic asset overseas, the people said.

Such a move would be the clearest sign that Telecom Italia

has the state’s backing amid disagreements with its top shareholder, Telefonica SA (TEF) of Spain, over Brazil. While Telecom Italia Chief Executive Officer Marco Patuano is in favor of keeping and expanding Tim, Telefonica and Oi SA are exploring a plan to break up the company, people familiar with the matter said in May. A spokeswoman for Renzi’s office had no comment. A spokesman for Milan-based Telecom Italia declined to comment.

“It is protectionism,” said Alexandre Iatrides, an analyst at Oddo & Cie. in Paris.

Italy isn’t the only European country seeking to intervene in company mergers and acquisitions. The French government last month unveiled plans to acquire a stake in energy and transport company Alstom SA alongside General Electric Co. to prevent a takeover by the American company. Before that, it passed legislation extending its ability to block foreign attempts to buy French companies in energy, transport

and health care.

Telefonica will become Telecom Italia’s single largest shareholder when an investor group that owns 22.4 per cent of the carrier is disbanded later this year. Telefonica, part of that group called Telco SpA, would own a direct stake of about 15 per cent.

Telefonica, which controls Brazil’s largest carrier, gave up board representation at Telecom Italia last year to avoid a conflict of interest in that country. That wasn’t enough.

In December, antitrust regulators said Telefonica must reduce its holdings there or persuade Telecom Italia to sell Tim. Telecom Italia fell 1.5 per cent to 91 euro cents at the close in Milan. Tim Brasil, which trades under the name Tim Participacoes SA, erased losses and rose 0.9 percent to 12.56 reais at the close in Sao Paulo. The company has a market value of about 29.5 billion reais ($13.3 billion). Telecom Italia owns 67 percent of the business.

This is an

YOUTH CULTURE

MY CITY, MY WORLD (OLOWU)

Photos posted on Instagram by young residents of Lekki, Ikoyi and Victoria Island axis of Lagos last week

This is an advert space for hotels

INTERVIEW (Kayode Moradeyo)

‘Lagos has been and still is the most dynamic state in Nigeria. There is no other place than Lagos for me’

President of the popular Lagos Country club in an interview tells of the benefits of membership

The Mega City

www.newtelegraphonline.com/megacity

Policy to regulate herbal products in Lagos underway Muritala Ayinla roduction, advertiseP ment and sale of herbal products in Lagos State may

soon become regulated as the state government is set put in place a policy framework on these. Hundreds of Lagosians had become victims of illicit and dangerous formulations and concoctions being passed for herbal medicines, cleansers and immune boosters. They are mostly sold on the streets of Lagos and pharmaceutical shops across the state.

Some of these drugs are even sold with claims of being able to cure terminal diseases with no proven evidences.

Worried by the claims, which some medical experts said had caused more harm than good, the Lagos State Government said that though, it lacks the power to certified the products of the manufacturers for consumption or usage, it will soon put in place measures to safeguard the state from unwholesome drugs under the guise of herbal products.

Special Adviser to the Lagos State Governor on Public Health, Dr Yewande Adeshina who made the disclosure, said the state government was concerned that a brand of herbal drug could be said to cure over ten diseases.

“We have actually engaged NAFDAC on this issue, we have been told that they have screened the products.

They have found them not be poisonous or dangerous for human consumption. If you check all of them, they have NAFDAC numbers. It is not Lagos State’s responsibility to regulate herbs, it is rather NAFDAC’s responsibility. NAFDAC says they are happy with them but there is nothing we can do on that,” she said.

She however added that, “but we have choice of how we advertise them, that is another way we can regulate them. They should be scientifically proven, and proof that their products are working just like other pharmaceutical companies do. They should go through scientific processes to butCONTINUED ON PAGE 42

MONday, JUly 7, 2014

...for the love of Lagos

This is an advert space for hotels

Edited by: BIODUN DUROJAIYE

Super-luxury apartment towers sprout on Eko Atlantic City Oluwatosin Omoniyi

T

he vision to build a brand new city on the Atlantic Ocean in Lagos has started materialising, with the unveiling of five super-luxury apartment high-rises, tagged Eko Pearl Towers.

The Eko Pearl Towers are being built as part of the Eko

Atlantic City project.

The unveiling of the Towers, described as ‘A huge lifestyle vision for Eko Atlantic City’ was held recently by the Lagos State deputy governor, Adejoke Orelope-Adefulire at Eko Signature on Victoria Island.

The ceremony was graced by crème de-la crème of the

society, including Presidents and former Presidents and was very elaborate and stylish. Everything about the ceremony, starting from the invitation card, to the decoration of the hall, the calibre of guests and the nature of gifts to every attendee, radiated just of one thing, ‘elegance.’

These skyscraper apartment

CHANGING LANDSCAPE OF LAGOS

blocks of between 24 and 34 floors are built on the shores of Lagos, and have in their CONTINUED ON PAGE 42

Lagos to collaborate with private hospitals on ambulances Muritala Ayinla a bid to address problem Itonofrescue inadequate ambulances accident victims

FACT FILE Location: Eko Atlantic City Type of development: Super-luxury apartments with Ocean view Owners: Eko Pearl Nigeria Ltd Architect: Tabet Atelier d Architecture Structure Engineer: Engr. Bernard Zeinoun Contruction Mgt: TAA Construction

Lagos records 600 fire cases in six months Muritala Ayinla

T

he Lagos State Fire Service has said that the agency responded to no fewer than 600 fire incidences across the state between January and June 2014.

New Telegraph’s investigation revealed that the agency responded to about 10-12 cases of fires incidences in a day which

occurred in residential houses, markets and firms.

In April 2014 alone, the agency recorded no fewer than 477 cases of fire incidences where properties worth N50bn were destroyed, while N37bn saved from the fire disasters by the agencies.

But speaking with New Telegraph, Mr Rasak Fadipe said the rainy season had not led to a decrease in the fire calls the

agency received during harmattan season, adding that people must always be safety conscious.

According to him, “the issue about rainy season doesn’t have anything to do with fire outbreak. The effect of the season on fire outbreak is the spread.

Probably, the rainy season will not allow the fire to spread as it CONTINUED ON PAGE 42

and patients during emergency situations, the Lagos State Government has said it was planning to collaborate with owners of private medical facilities on the use of ambulances.

The state government said the move was necessary to boost its capacity in rescue operations, as the Lagos State Ambulance Service (LASAMBUS) is overstretched.

It would be recalled that LASAMBUS rescued 2,203 road accident victims in 2013.

Speaking with New Telegraph, Special Adviser to the Governor on Public Health, Mrs Yewande Adeshina who disclosed this, said collaboration with the private health facilities remained the only way to enhance safety of lives and properties due to inadequate ambulances, saying more lives would be rescued if there was synergy between the government and the private health facilities operators, who, according to her, CONTINUED ON PAGE 42

IN NUMBERS 10.5%

percentage of Lagos residents of the nation’s population

6%

average yearly population growth rate in Lagos

N219.2 bn

the internally generated revenue of Lagos State in 2012

42 NEWS /MEGA CITY

Monday, July 7, 2014

Luxury apartment towers on Eko Atlantic City CO NTINUED FROM PAG E 4 1

own little way added to the aesthetic value of Nigeria’s shoreline.

Bill Clinton, former American president in a video message, said the towers would serve as tourists’ attraction, and were places to work and live. Adefulire, on her own part, said the structures will be of economic benefit, and “help rebrand Nigeria.”

Built on ‘land’ sand filled for two years, the first batch of the five skyscrapers making up the Eko Pearl Towers will be ready and delivered in December, 2015, while the second batch would be ready in December, 2016. In the towers are two-bedroom and threebedroom apartments, with each going for between $2.2m and $2.5m, a price described as ‘appropriate’.

The two-bedroom flats of 144sqm have one entrance hall, a living room, a kitchen, a dining room, two master bedrooms, a guest room and one maid room, two balconies, two underground parking spaces, storage room.

The three-bedroom flats of 178sqm have an entrance hall, a living room, a dining room, a kitchen, three master bedrooms, a guest room, a maid room, three balconies, two underground parking places and a storage room. Each floor has four residential apartments.

An additional 54 parking spaces have been dedicated for the use of guests and 2 elevators dedicated for the 19th to 24th floor. The towers are to

be serviced with a swimming pool, tennis court, gym, tight security, and standby generator for power supply, among others.

According to Elias Saad, Chairman of Eko Pearl Nig. Ltd., builders of the Towers, the first and second towers have already been fully sold, with payment of 32 per cent of the ‘appropriate’ price by the prospective owners. “We pride ourselves with a solid reputation for quality, design and structure and Eko Pearl Towers will be the leading source of luxury living in Africa,” he said.

He added that it is no use travelling to Dubai or outside the country seeking for enjoyment and comfort in a posh, sleek and serene environment. “The luxury is here, not only with an ocean view, it is actually built on the Ocean reclaimed from the Atlantic ocean off Victoria Island in Lagos.”

He said that residents of this brand new luxury towers will be able to enjoy uninterrupted views of the water as they take in the endless breeze from the ocean. He added that the towers are both for residential and commercial purposes.

The towers sit on a selfcontained area with safe and secure parking. It is just less than 500 meters away from the financial centre of Lagos. The location is close enough to not have to endure long drives to work, but far enough to enjoy the splendour of quiet living.

Sections of a luxury apartment in Eko Pearl Towers

Gberefu, the Island by ‘The Point of No Return’ Jeremiah Madaki

B

eyond the Badagry marina, before the Atlantic Ocean is Gberefu Island, which is about 25 minutes by foot from The Point Of No Return. the port in Badagry from where slaves uyse to be exported.

Over the years, it has become a settlement for indigenous Egun and migrants from neighbouring African countries, like Ghana and Togo. The Island can only boast of two schools, but there are a number of churches. A bridge, which serves as an access point, links the settlement to the Nigeria-Benin Republic expressway.

Though quite small in population, the settlers take pride in their fishing occupation and peaceful environment. They are hospitable and speak the Yoruba and Egun languages fluently. Some other members of the community eke a living by serving as tour guides on the fascinating ‘slave route’ to the Point of No Return. Others engage in transportation services, either by using motorcycle or speedboat. Odd about the Island is the lack of electricity, even though the place is dotted with electricity poles probably

installed by the Lagos state government.

According to Chief Mojeeden Mateen Sanni, the sixth chief of the Island, Gberefu is made up of ten communities namely, Daloko, Hungbo, Fowler, Gbogbobawa, Sukena, Hausa, Gbaragada, Konfidame, Yovoyan and Ilaje. He added that the major occupations of the people are salt making, hunting and fish farming. However, fishing takes the larger portion. This is evident by the number of canoes lined up at the shore at any point in time. Three major tribes occupy this island; the Ilaje, Egun and Ghanaian nationals. Far west of the Island is a small community called Yovoyan. This is the Ghana and Togo settlement, but predominantly occupied by the Ghanaians.

Biodun Godwin, one of the fishermen on the Island explained that it is the women’s duty to clean the fishes caught for the day and sell them to tourists or take them to the Badagry market for sale. Since the market day is every five days, they depend mostly on visitors to buy their fish. The fish harvest from a single trip is often enormous, he said.

Lagos to collaborate with private hospitals on ambulances CO N TI N U ED F RO M PAGE 41

hardly use their ambulances.

She said: “People are relying more on our ambulance system for rescue of victims and transporting patients to hospitals and we have a lot success stories. Our ambulance system is getting stretched and we have so many ambulances in the private facilities doing nothing all days.

“So, in registering these ambulances, inspecting them and making sure that they are up to the standard of what one can call ambulance, we want to be able to centralised private ambulance system, such that when there is an

emergency anywhere, we can look on our dashboard and see which private facility in that area can help to evacuate the patient or victim to the nearest hospital or wherever they need to go.

“We need to consolidate the ambulance system in Lagos. We need to be reminded that there are over 3,000 private facilities in Lagos State and with all our power, the state has 330 facilities. There is disproportionate representation of health provision. It is only imperative that we embrace private sector and collaborate so that they enhance what the government is doing to provide health care for the people”.

Policy to regulate herbal products in Lagos underway CO N TI N U ED F RO M PAGE 41

tress the claim of their drugs.”

Dr Adeshina said that, with the policy, herbal product manufacturers should be able to prove efficacy of their product scientifically. She added that the advertisement of

the product would also be seriously looked in to, so as to ensure that unsuspecting residents do not endanger their lives through use of drugs that might worsen their health conditions.

She advised residents to seek medical attention from qualified and certified medical professionals.

Lagos records 600 fire cases in six months CO N TI N U ED F RO M PAGE 41

would have during dry season. So, come rainy or dry season outbreak of fire depends on how careful one is. That shows that fire breaks out when one is not being careful enough.

“This morning, we have responded to out break of fire at Marina, beside Leventis Bus Stop, there was another storey building on fire this morning. The third floor of storey building used as an office was gutted

by fire. We have also responded to about three other ones this mourning alone.”

Fadipe appealed to residents of Lagos to always alert the state fire agency, saying the earlier they call on the agency, the lesser the damage they are like to record in the fire.

“They should always call our emergency lines, if they do so, they are doing themselves good because we will be able to get to the scene on time to save lives and properties from being consumed by fire.

INTERVIEW / MEGA CITY 43

Monday, July 7, 2014

Lagos Country club provides fellowship money can’t buy – President Kayode Muniru Moradeyo, president of the popular Lagos Country club is a man of many parts. A member of the club since 1991, he was voted into office in May. In this interview with OLUWATOSIN OMONIYI, he tells of how he effectively combines work and business.

How long have you been the president Lagos Country club?

Less than two weeks.

Any particular price you paid becoming the president?

No, not really. Being the president of Lagos Country Club is just privilege of being First Amongst Equals. All of us are equal. Every other person who is a member could also become the president. Actually what one gives to become a president of the club is nothing, but like every other election, the members need to know you. You also need to sell yourself and sell your focus and that is all of it. There is a body we call Management Council which is made up of 17 members. Seven are elected port-folio officers and we have ten chairmen of different sections, so we have 17 people in the Management Council and the president as the head of that council. It is like a board, all we do is to roll out policies and give approvals as to what things to do and how it should be done.

So what was your selling point to win the presidency of the club?

I said I wanted to give service. That is all.

You believe all the past presidents have not been giving services?

Service is continuous, but I said I wanted to give what is called radical services. My main aim is to give good service radically. A good service is like saying I want to be of the same level of service as my predecessor, but once I put the word ‘radical’, I meant there would be a radical change and that was my selling point. I want to improve services in Lagos Country club radically.

Improving services in Lagos Country club, is it going to tell on the society of Lagos as a whole?

Definitely.

How? Lagos Country club is strategically located; it is located in the capital of Lagos, Ikeja. Luckily the patron of Lagos Country club is actually the governor of Lagos state (Babatunde Raji Fashola). So, being the patron, he has his own policies which we are trying as much as possible to encourage in the club. Whatever policies he brings out, we key into and try to help, towards making sure we have a better society.

The government relates with the club on most of its programmes, like KAI, LASTMA or whatever, and we use our members to make sure that some of these policies are properly implemented so as to make the society better. We also try to educate our members and their children to be better citizens for the good of the society.

How many years is your tenure?

It is supposed to be one year renewable twice, making a maximum of three years. So in May, next year, we will have another election. You continue if the members still believe in you.

What else, can you say about the club?

Lagos Country club was established in 1949. Today, the club is considered as a high society club. I had the opportunity of working there as a manager between 1985 and 1991 and I have been a member since then. I believe in working hard and that also gave me the opportunity to play hard. I also believe

in relaxation, and in taking my time to seek fun where it is very necessary and one of the places you seek fun is actually the club.

Apart from the little sense of security that is establish at the club, you are also likely to socialise and share fellowship and those are the things that people actually look for in a club.

I belong to other clubs just as I belong to Lagos Country club. But all is about socialising and fellowship and there are also opportunities in some of the places we belong to. Because of sharing fellowship, maybe playing one game or the other with people, you find out that people seek your assistance and you seek theirs. These are things that money cannot buy.

What is the process of becoming a member and how much does it cost?

Is there room for the ordinary people?

Before now there used to be three classes in Nigeria, the ‘low’ , ‘average’ and the ‘high’ and I believe now that since the middle class seems to have been eliminated, we now have the ‘low’ and ‘high’, or the poor and the rich.

In the journey of life, people seek to always move to a higher level.

I believe ‘hard work doesn’t kill.’

If you work hard, definitely, there are opportunities. Some people say that it is luck, but I say it is opportunity that makes people get to where they want. What you want and where you want to be in the social strata determines the club you join.

It not necessarily Lagos Country club, there are other clubs you can join as long as you move on.

When your friends are in certain places, you also want to be there, which means that you will have to strive to be part of them in those places. First because people believe that it is expensive to join Lagos country club, close to N700,000 is high. I believe that it’s not high because of the level of the Nation’s economy. How do I mean? What I can do with N250 in 1974, I cannot do with that now. I need maybe 100 times or more to do that now. That’s actually the issue. But Lagos residents want to have sensation, sporting and family club. And there are only two of them which have social and sporting clubs in Nigeria, Lagos Country club and Ikoyi club. But Lagos Country club is more and the only family club I know in Nigeria. Once a member of a family is member of Lagos Country club, the coming generations can always become members too.

In fact, my two kids are members because I’m already a member. All they need to do is to transit from junior membership to “joining fee because I have paid, they just continue to pay the subscription but they have to join the minimum of two sections, pay the annual subscription of the main block.”

How do you govern the people of

Actually, most of these clubs are business clubs, and they are places where you can do business

your club knowing that human beings are the most difficult to deal with?

We have a Constitution; we have rules and regulations governing membership. The members of our club know the rules and regulations of Lagos country club and we are all guided by the Constitution, that’s the first.

There are also laid down procedures towards dealing with people who fall out of line, so to say. The constitution will actually guide us on what to do; we have various committees who take care of one thing or the other.

We have the disciplinary committee, so any issue that comes to the council goes to the disciplinary committee for them to be able to decide on what to do and make recommendations. These are again reconsidered by the council and a decision is taken. If the decision does not go well with the person, he can appeal to the Board of Trustees and they have the final say. If the person is still not happy with decision of the trustees, the constitution makes a provision for the person to come back during the annual general meeting. So, based on the rules and regulations of Lagos country club, “we are comfortable but deal with each other.” Because I can be disciplined, I don’t see any reason why anybody else cannot be disciplined.

How many clubs do you belong to?

Apart from my club, Lagos Country club, I’m also a member of Ikeja Golf club. I’m a member of Lagos State civil service club, I used to be a member of Ikoyi club but it is far from where I live now. I still hope to go back there, time is what I don’t know yet.

How do you cope with this number of clubs that you belong to and work life?

I think am a different person, because I have two lives. My work life is different from my social life. I don’t carry the problem or the challenges I have here outside my office gate. It takes a bit of training to achieve that, I know. I live problems in the office and by the time I get to the club, I’m a free person. I have not forgotten the fact that I have challenges which I can share with other people out there because I’m finding solution to it. I draw a very thick line between my work life and policies. Anybody who is a member of staff here, whether junior, medium or executive, I relate with them based on the time. When it is work time, we relate like workers, but at the club, we can sit down and share fellowship. I observe that Nigerians are not relaxed.

Are there any special advantages of these clubs?

Actually, most of these clubs are business clubs, and they are places where you can do business. An average club user, has confidence in you and has what I call ‘the club protection’. If I do business with you, and for whatever reasons something goes wrong, you have a fall back, you can report the person to the club or report the person to the people inside the club who can then mediate. It is only when it goes beyond that you can now say let the law have its course. So, a lot of things are done within the club that makes you feel secured and if you want to do business with the club member like somebody I don’t know, once you are a club member I tend to have that trust.

You don’t necessarily have to be my friend before I say I can socialize with you, or fellowship with you, once I know you are a member.

44 THE MEGACITY

Monday, July 7, 2014

UPCOMING EVENTS

4th Annual Women In Africa Forum July 9, 2014 - July 10, 2014 Wednesday 8:00 AM to Thursday 9:00 PM Organiser: Lagos Business School

Kolawole Oyeyemi Readers ‘r’ Leaders Destiny Walk

Esther Beauty Pageant (The Christian Queen in Lagos)

Organiser: Trendy Comms USA Venue:

Esther Beauty Pageant/Asher Fleet Ltd.

Saturday, July 12, 2014 from 8:30 AM to 11:00 AM (PDT)

Venue: Four Points by Sheraton

Rowe Park, Yaba, Lagos

YOUTH CULTURE,

Love love love!!! by @curlyheaven

Dreamchasers by @collworldkilla

TOFU SHIRATAKI NOODLES by @ijeobats

FLASHBACK,

Yaba, in 1960

Saturday, July 12, 2014, 7:00 PM - 10:00 PM Organiser: Venue:

Ikeja, Lagos

SPEAKERS CORNER in Lagos

Saturday, July 12, 2014, 9:00 AM - 5:00 PM Organiser: Fela Durotoye Venue: Eko Le Meridian Hotel, Lagos

photos as posted on Instagram (#Ikoyi/Lekki)

UNTITLED by @gabby2856

UNTITLED by@gabby2856

This is it... by @lawumk the city as it was

WITH Yemisi by @banksbmpro

Mr & Mrs cymbal in making by @am_cymbalkrew

UNTITLED by @clem_yezbozz

My City, My World The challenges of Lagos trill me – Olowu or Olugbemiga Olowu, FDistrict the immediate past Governor of

Rotary International, Lagos is home. Though he is an indigene of Abeokuta, Ogun State, he is more of a Lagosian. Olowu, in his mid 60s, has spent most of Olowu his life in Lagos. “I was born in Lagos and I only left Lagos to attend primary school, secondary school and university and I came back. Since 1992, I have not left Lagos except when I travelled out,” he said.

He told New Telegraph that Lagos is home for him, as such, he is used to all the challenges of Lagos which is exactly what trills him. To prove that he loves Lagos, he refused to move to Abuja when his wife got transferred there. His wife worked for 11 years in Abuja which was an opportunity to transfer his business to the nation’s federal capital.

But he just couldn’t fit into Abuja.

“I know that, no matter how long we stay in Abuja, we will still come back to Lagos. So I decided to stay in Lagos. Whenever I go to Abuja, I spend about two months and come back to Lagos, and then spend months here. I’m a full Lagosian,” he said.

So what is the exact thing that trills Olowu in Lagos? His answer was that all he had wanted in life, is in Lagos. He said he has been fortunate to have lived in quiet areas of Lagos, as he likes quietness. “But I also like the life in Lagos, the modernity of Lagos, the opportunities in Lagos and the fellowship of millions of people in Lagos.”

He added that he likes people and doesn’t always like to stay alone. “Lagos has been and still is the most dynamic state in Nigeria. There is no other place than Lagos for me,” he said.

Every street in Lagos is paved of gold – Moradeyo uniru Kayode MoM radeyo, President Lagos Country Club,

was born, bred and buttered in Lagos.

For him, Lagos is Eko ile. He has his ancestral home in Lagos.

Though, Lagos, according to him is too rowdy Moradeyo and too busy, that for him is the beauty of the city. Chief Moradeyo as he is fondly called does not believe that Lagos has any negative aspect.

Probably at a later part of his life, he said he might go somewhere quieter to relax. But for him, now is the time to do business, socialize, work, make money and spend money, Lagos is the place to be. “Lagos for me, is the best place to be, to make a lot of money.

Every street in Lagos is paved of gold. The city gives limitless opportunities, depending on how available you are,” he said.

Being born and bred in Lagos makes a lot of difference to Chief Moradeyo. He has all his friends in Lagos and is married to a Lagosian. Also, he noted that Nigerian social life is in Lagos which cut across all ages. Even when he schooled in Zaria, he was always coming into Lagos, to connect more with his friends, mostly from childhood. Chief Moradeyo is not only a Lagos socialite; he is also a grassroots person. Born in Isale Eko, grew up in Ebute-Metta, trained by Alhaja Bashua, his aunt, definitely, he knows Lagos like the palms of his hand. “I can talk authoritatively about Lagos because it’s my base. I’ve not forgotten about my root in Ebute-Metta and Isale Eko. Again, I don’t cut off from people. I still relate with my childhood friends. When people call me Muniru, it means that person knows me from the root.”

NEWS 45

Sanctity of Truth

Monday, July 7, 2014

S’ West govs must save Yoruba language from extinction - Banjo Kunle Olayeni Abeokuta

he Ogun State RepreTment sentative on DevelopAgenda for West-

ern Nigeria (DAWN) Commission, Mr. Lanre Banjo, has urged state governors in the South West zone to save the Yoruba language from extinction.

In a letter addressed to the Director General of DAWN Commission, Mr. Dipo Famakinwa, Banjo warned that the attempt by certain private nursery and primary schools in the South West region to extinguish Yoruba language and culture was ill-conceived.

A copy of the letter dated June 24 and made available to New Telegraph at the weekend was titled “Efforts to extinguish Yoruba language and culture in schools.”

Banjo, a former governorship candidate of

National Conscience Party (NCP), declared that efforts to erase the Yoruba language were myopic and detrimental to education and learning.

He added that such was in flagrant violation of the National Basic Primary Education policy, urging the DAWN Commission to urgently convene a meeting of all the Commissioners for Education in the concerned states to deliberate on the matter.

Banjo explained that the nation’s law requires primary schools to instruct pupils “initially in the mothertongue or the language of the immediate community and, at a later stage, English.”

The former governorship candidate noted that coercing pupils to speak in English language only would impair the ability to produce textbooks in Nigerian languages.

Ajibola flays Jonathan’s critics Biodun Oyeleye Ilorin

T

he senator representing Kwara South district, Chief Simon Ajibola has faulted those criticizing President Goodluck Jonathan, saying such people have allowed their personal considerations to blur their senses in evaluating the federal government.

Ajibola, the only PDP federal lawmaker from Kwara state made the observation in Ilorin, the state capital while presenting four vehicles to the party for its operations ahead of the 2015 election.

The senator who was represented at the event

by Elder John Yusuf also distributed 850bags of rice, 300 cartons of milk and 100 bags of sugar apart from cash donations among party men and women leaders in the state during the event.

The senator donated three Toyota Sienna space vehicles and one 18-seater bus which he gave to Kwara South.

The three space vehicles are to be shared among the north, central and south senatorial districts while the bus was for the secretariat usage respectively.

L-R: Vice-Chancellor, University of Jos, Prof. Hayward Mafuyai; Chancellor, Dr. Rufus Aladesanmi and Pro-Chancellor and Chairman of Governing Council, Chief Don Etiebet, at the University of Jos Endowment Fund Raising in Jos …at the weekend

14.3m

The total number of air travel passengers of Nigeria in 2013.

Source: National Bureau of Statistics

3.45m

The total population of Pune, India in 2010.

Source: Blatantworld.com

80.3%

The percentage of fixed-telephone subscriptions of Canada in 2010.

Source: Itu.int

Ngige denies plan to quit APC grapevine

CNN, that is Chris Nwabueze Ngige Always in the news, Onwe dismisses talks that he is done with APC

E

rstwhile governor of Anambra state and now Senator representing Anambra Central district in the National Assembly, Dr Chris Ngige yesterday denied the story that he would quit the All Progressives Congress (APC) having realised that the party is a hard sale in the south east for purposes of elections.

Ngige who spoke with the New Telegraph on

phone described the rumour as laughable.

But a close source to the senator who spoke on condition of anonymity told the New Telegraph that Ngige , reputed as Igbo leader, after the APC convention ,had made up his mind to quit the party following what he perceived as shabby treatments of the south east and Ndigbo in general by the hierarchy of the party.

"Besides, our source continued: "Ngige realised that the APC is a hard sale in this part of the country for purposes of elections. Every serious-minded politician would want a platform

that will literally sell him in any election and not 'noise making'".

During the APC convention, Ngige was reported to have had issues with some leaders of the party which culminated in a noisy altercation.

But Ngige in yesterday's interview said it was unimaginable for anybody to contemplate him quitting a party he co-founded.

He said: "I'm a foundation member of APC. I don't think anything will make me to abandon a house I joined in building."

Reminded that he once called it a quits with the People's Democratic Par-

ty (PDP) which he was also a founding member, the medical doctor turned politician said: "in that case, armed robbers came and snatched the party (PDP) from us."

He said his pre-occupation now was how to strengthen and position the party for next year's general elections, especially in the south east, adding that he was working with stakeholders of the party to achieve that feat.

But our source maintained that Ngige is talking with top politicians in the PDP with a view to rejoining the party for his re-relection to the senate in 2015.

Duke, Akpabio for Movie Awards Islamic scholar slams terrorism Clement James

Calabar

are indications Tofhere that the 2014 edition the Cross River Movie

Award (CRMA) slated for September 13 will draw personalities from all walks of life, including the Minister of Culture, Tourism and National Orientation, Mr. Edem Duke and Governors Liyel Imoke and Godswill Akpabio of Cross River and Akwa Ibom States respectively.

This was disclosed by the Executive Director of CRMA, Eric Anderson during a press briefing in Calabar at the weekend.

According to him, others who will attend the award ceremony include top actors in the movie industry, the three Senators representing the three Senatorial Districts of the State, Senators Ben

Ayade (North), Victor Ndoma-Egba (Central) and Prince Bassey Otu, among other dignitaries.

Anderson was optimistic that this year’s edition, which is the second in the series, was being planned to “reflect the strategic role Calabar has played in the anal of film industry in Nigeria.”

He said the award ceremony was mooted out to recognize and felicitate the contributions made by movie makers to the growth and movie production in the state, noting that this will spur producers to promote a culture of quality movies.

“This year’s edition has been planned in a way that will create a cordial environment for the integration of indigenes and non-indigenes and to boost the morale of home

based producers for optimal performance,” he explained.

He noted that aside from encouraging local talents to make progress in the industry, “the awards will encourage indigenous and international movie makers to choose Cross River as choice destination for movie locations and movie making.”

On the award categories, Anderson listed some of them to include, Actor of the year award (indigenous English), Actress of the year award, supporting actor of the year award and new discovery (male and female) award.

Others are Director of the year award; Art Director of the year award; Producer of the year award and Cinematography of the year award, among others.

Buhari Bello Jos

T

he National Chairman, Council of Ulama of Jammatul Izalatul Bidia Waikamatu Sunnah (JIBWIS), Shiekh Sani Jingir has urged Nigerians to use the period of Ramadan to unite and fight terrorism through spiritual rejuvenation.

"Nigeria is sick because terrorists and their cohort have stalled the peaceful atmosphere for economic and political development. They have stalled education, farming and other religious and social activities of our fellow Nigerians", he said.

The Islamic Scholar who spoke at the ongoing Ramadan Tafsir in Jos declared that terrorism threatens our cohesion and corporate existence as a country. He said: “At this trying period, we

must keep aside our differences, unite and face the threat confronting us. We must demonstrate courage, trust and unity of purpose as well as resist the intimidation and all forms of fear posed by ungodly evil-minded terrorists", he stated.

He described the month of Ramadan as a period of moral and spiritual rejuvenation and urged all Nigerians irrespective of their religious background to reposition their minds, fear God in their day to day activities adding that the fear of God is the foundation of righteousness.

He also warned politician to stop politicising the security challenges facing the nation and focus on finding solution to the problem. He said: "Leadership is a trust and leaders at all levels most be just and fair. They must shun greed, selfishness and

all forms of corruption, while the followers most be loyal to constituted authority for us to get out of the present predicament in our country".

He advised the National Assembly and Defence headquarters to collaborate in finding solution to the increased cases of fake military and police uniforms, adding.

"The rate of using fake military uniforms in attacking innocent souls is alarming. Government must come up with unique features to differentiate the uniforms with the ones used by criminals. Terrorists and other criminals now employ military uniforms and facilities. There is need for the Federal Government to take a decisive action to halt this problem so that law abiding citizens can easily identify the genuine military", he suggested.

46 NEWS

Sanctity of Truth

Monday, July 7, 2014

Osun has stable public debt management, says DMO ...State laments N3.8b federal debt Adeolu Adeyemo

Osogbo

T

he Debt Management Office (DMO), Abuja at the weekend described Osun State as one of the states in the federation with good and stable public debt management.

The Director General of the DMO Dr. Abraham Nwankwo, made this known while speaking with newsmen at Mic-Com Golf Hotel and Resorts, Ada, Osun State during a three day retreat for members of the House Committee on Aids, Loans and Debt Management.

According to him," Osun’s debt profile is a very sustainable one which is healthy for its economic growth."

Dr. Nwankwo stated that the state is one of the best

states in the federation with public debt management.

Meanwhile, Osun State Government at the weekend accused the Federal Government of deliberately crippling the economy and advancement of the state due to the refusal of its ministries, departments and agencies to remit its accumulated taxes running to N3.8billion to the coffer of the state ministry of Finance.

The state government which threatened to drag the federal government to the court if it refuses to expedite action on the payment of the debt, said Obafemi Awolowo University (OAU), Ile-Ife alone has a liability of over N1.7billion while OAUTHC, Ile-Ife, Federal Polytechnic, Ede, Immigration, SSS, Customs, Prison and others have li-

US$3.7trn

The nominal GDP of Germany (IMF) in 2009.

Source: Blatantworld.com

abilities to the tune of over N2billion.

In a statement made available to newsmen in Osogbo by the Acting Chairman/Chief Executive Officer of the State Internal Revenue Service, Mr. Dayo Oyebanji, the state government described the "l don't care" attitude of the federal government towards offsetting the debt as wicked and callous.

He further frowned at the federal government ministries, departments and agencies attitude over the nonremittance of the taxes and described it as unfortunate.

But Nwankwo said: "DMO recognizes Osun State as the first state to take Sukuk and buy our plan to encourage the issuance of Sukuk in Nigeria. We need to diversify the instrument in the bond

15.4%

The percentage of players at Brazil 2014 that either plays in the English Premier League or one of the lower divisions.

Source: Goal.com

market. We want to make sure that all segments of the society are captured in the bond market because there are some groups of people or individuals who do not want to participate in ordinary bond because of interest.

“Our office, DMO and others are working hard to introduce Sukuk in Nigeria. We are delighted that Osun took the initiative and helped in introducing it in Nigeria. So, by that, Osun is one of the best states in public debt management.”

He also stated that the nation’s debt GDP ratio has fallen from 22% to 13% and debt is sustainable because GDP is much lower now.

He, however added that in spite of all that, government will continue to be very prudent, conservative in its spending.

50.3%

The percentage growth rate of the urban population of Nigeria in 2012.

Source: Un.org

States creation: Agada urges Nigerians to pray for actualisation Cephas Iorhemen

Makurdi

ormer Minister of FProf.

State for Education, Jerry Agada has

urged Nigerians particularly the Idoma people in Benue State to pray for the actualization of the 18 states recommended by the National Conference last week.

Prof. Agada who spoke with New Telegraph in Makurdi, weekend described the recommendation by the Confab as a postscript to the earlier effort by the National Assembly to create new states, and particularly implored the Idoma people at home and in the diaspora to pray ceaselessly for the actualization of Apa State.

Boko Haram: Ezeume tasks S'East governors on security Tony Okafor

Awka

he Coordinator of TOrganisation Progressives Leaders Interna-

tional (PLOI), Emmanuel Ezeume has called on the governors of the South East to establish a collective strategy to tackle infiltrating members of the Boko Haram insurgents into the region.

Ezeume who expressed fears that the insurgents were already in various remote settlements across the eastern region, said he had not seen any pre-emptive arrangements on ground to fight back against possible attack by the dreaded group.

The coordinator who made the call during an interactive session with newsmen in Awka yester-

L-R: Lagos State Governor, Mr. Babatunde Fashola; Mr. Wale Tinubu; Deputy Chief Whip, Murkhta Ahmed and the Special Adviser on Muslim Religion, Mr. Hakeem Kosoko, at the 6th Alhaji Kafaru Oluwole Tinubu Memorial Ramadan Lecture on the topics: “Nigeria at 100: Under the Lens of Islam” and “The Dichotomy Between Muslims and The Frontliners (The Early Muslims) ’” in Lagos…at the weekend

Labour unions endorse Adikwu as UNIABUJA VC Emeldah Ogene

Abuja

T

he leadership and members of various labour unions in University of Abuja have in their separate congresses endorsed Professor Michael Umale Adikwu as the Vice Chancellor of the University.

The Unions include the Academic Staff Union of Universities (ASUU), Senior Staff Association of Nigerian Universities (SSANU), Non Academic Staff Union of Universities (NASUU) and National Association of Academic Technicians (NAAT). At the weekend

they expressed their determination to work with the newly appointed Vice Chancellor.

ASUU chairman, Dr. Ben Ugheoke who spoke to our reporter on behalf of the other Unions said the unions have already written to the Governing Council and other relevant authorities conveying their readiness to cooperate with the management and work together in the interest of the University.

Meanwhile, ASUU, Uniabuja chapter has denied a report that some lecturers have dragged the University to National Industrial court, Abuja on the allega-

tion that the appointment of the Vice Chancellor did not follow due process.

ASUU, however, insisted that the council did not flout any known law particularly the University autonomy law in the appointment of Professor Adikwu, adding that the tradition in the appointment of the Vice Chancellor for the university had always favoured any one of the candidates in the final three list that was submitted to the council.

The council reserves the discretionary right to elect anyone from the final shortlist based on merit, irrespective of their positions in the screening ex-

ercise.

The union further reminded the public that the said three candidates who initiated the industrial court action were Dr Raji Rasheed, Dr Muktar Muhammad and Dr Okoli Ifeanyi and that they have been expelled from the union.

Another argument the unions frowned at was on the issue of the VC not being qualified to lead the university because of his specialization in Pharmacy that is not taught in the university.

They, however, argued that as a progressive university, the course could still be introduced in the University.

He extolled the Senate President, David Mark who he described as the chief brewer, adding that he has justified the confidence reposed in him

by Nigerians by bringing stability to the National Assembly in the last seven years.

"Judging by his contribution and deeds since he became the Senate President, I told the Press in an earlier interview that his contributions, including his symbiotic relationship with the Governor, Government and people of Benue State which has resulted in the unprecedented development of his home state are being articulated in a book soon to be released to the public," Agada said.

day, said: “they have been causing lots of havoc: killing, maiming, abduction, raping and unleashing wanton destruction of property especially in north and we are all keeping quiet down here.

“These insurgents are already here with us unleashing mayhem on innocent and harmless citizens.”

Ezeume explained that the call became pertinent as a result of the increasing number of arrests made in the South East, including the over 400 in Abia, 21 in Enugu and the bomb scare in Owerri.

"The governors of the states in this zone must invest massively in intelligence gathering and activate security consciousness down to the grassroots to avert any atrocity…" he maintained.

Suleiman Bisalla: More condolences pour in Mojeed Alabi

he South-West chapter of the Non-Indigenous Political Forum has commiserated with the death of the paper’s Managing Editor, Northern Operations, Mr. Suleiman Bisalla.

The Ibadan-based forum, which consists of members from the South-South and SouthEast geopolitical zones, in a condolence letter signed by its PresidentGeneral, Chief Sam Ubochi, described late Bisalla as a brilliant and enviable journalist, who was just a victim of the recklessness of a violent group.

According to Chief Ubochi, the Boko Haram

T

scourge has left Nigerians in a hopeless state of “haunts and taunts of threat to security of lives and properties,” saying the activities of the dreaded insurgents are already affecting many homes and organisations.

The statement reads in part: “However, by providence of nature, death is inevitable, we all of us, live like inhabitants of defenceless citadel whenever it knocks… I pray that God almighty will grant repose to his gentle soul.

Kindly convey my sincere condolence to the entire management and the immediate family members of the deceased.”

Osun 2014

48 NEWS

Sanctity of Truth

Monday, July 7, 2014

I’m not worried by Fayemi’s defeat, says Aregbesola CONFIDENCE He goes by the title Ogbeni. Osun governor also declares himself a street boy, sure of support Wale Elegbede

s the Osun State governorship election approaches, candidate of the All Progressives Congress (APC) and incumbent governor, Rauf Aregbesola, has said that he was not disturbed by the recent loss of his party to the Peoples Democratic Party (PDP) in Ekiti State.

He said all the factors needed to win a free and fair election on August 9, have been addressed by his administration.

Speaking with newsmen in Osogbo yesterday, Aregbesola said his administration is a product of popular forces powered

A

by the people, adding that he has impacted every home with his programmes and projects in the last three years.

He said: “As a loyal APC member, I was disturbed about the outcome of the Ekiti election, but as a head of a government that has worked so well with the people; I don’t even see the effect. I look at my engagement with the people, the products of my government, which has not left any home unaffected positively, and I said if election is about acceptance, popularity and impact you have made on the people, we are waiting for what the dictates of democracy would be.

“In a credible, transparent, free and fair election, Rauf Aregbesola does not have any worry at all about what people will say about his administration.

I came here from the street and it is easy for me to go back to the street. My real home is on the street, whoever will hold me on the

street will try.

“I laugh when they talk about me, because they don’t know I am from the street.

I am a product of popular forces, the people; and I am part and parcel of them. I emanated from them and a product of their struggles.”

“My administration does not suffer alienation from the people, it is one and same with the people and that is the basis of our confidence in their ever ready support at all times. There is no trade, commercial or social group that we have not impacted.”

While affirming his administration’s cordial relationship with four critical sectors, namely the teachers, civil servants, market women and students, Aregbesola alleged that the Federal Government has not only reduce the state's monthly allocation by 40 per cent, but has also not been paying the states as and when due.

“This is an equivalent of economic war against the states. Our allocation has

been reduced by 40 per cent and it doesn’t come early for us to meet the necessary obligation to our people. We collected May allocation 26th of June.

“I said at a rally recently that from what I have heard from their grapevine, because they had a meeting where they said that, squeeze them; if they can’t pay salary, you will create problem for them. Mark my words; they might not give us June allocation until the end of August.”

In another development, the governor charged the electorate not to be intimidated by any opposition party and security agencies likely to be present on August 9, the day of the governorship election.

Speaking through his Special Adviser on Environment, Mr. Bola Ilori, in an interactive session with civil servants from the Ministry of Environment and Sanitation, Aregbesola appealed to the electorate not to exchange their

voters’ cards for peanuts from any opposition party that believes it can be at the helm of affair through the back door.

Ilori, who said he was overwhelmed by the workers’ interest in party politics said; “Workers from the ministry have really demonstrated true love for the ruling party and I charge you to come out en masses and cast your votes for Aregbesola.”

He said: “The evaluation process had really shown that the present administration had impacted the lives of staff from the ministry, through all their comments at the meeting.”

Meanwhile, a preelection assessment and opinion poll on the governorship election was

De-Rauf sets up new campaign scheme for governor Adeolu Adeyemo

OSOGBO

political group in AOrganisation, Osun State, De-Rauf has set

up a campaign training scheme for Governor Rauf Aregbesola, known as Aregbesola’s Witness, to work towards the reelection of the governor in the August 9 election.

The group, which was inaugurated in Osogbo on Friday, saw the DirectorGeneral of the initiative, Comrade Amitolu Shittu, appealing to members to move from one village to another, one local government to another and one city to another to proclaim the good works and achievements of Governor Aregbesola in all the nooks and crannies

L-R: Wife of Ondo State Governor, Olukemi Mimiko; co-founding partner, Diya, Fatimilehin and Co., Gboyega Fatimilehin; his wife, Mojisola and Ondo State Governor, Dr. Olusegun Mimiko, at the 60th birthday ceremony of Fatimilehin, in Lagos…at the weekend

72

The life expectancy (in years) of men at birth in Egypt in 2010-2015.

Source: Un.org

6

The number of times the capital value of shares of Nigeria grew between 2007 and 2013.

Source: National Bureau of Statistics

483,617

The number of fixed-telephone subscriptions of Sudan in 2011.

Source: Itu.int

New REC assures parties of fair treatment

T

he new Resident Electoral Commissioner (REC) in Osun State, Mr. Olusegun Agbaje, has said that the electoral body would soon hold a meeting with security agencies to ensure that election malpractices are discouraged during the August 9, governorship election.

He also assured that fair treatment would be given to all political parties, but warned against illegal registration of members.

The commissioner,

who made these known at a press conference in Osogbo, assured that quality election would be conducted as all necessary arrangements had been made by the electoral body to see that all is well before, during and after the conduct of the exercise.

Agbaje hinted that adequate security would be provided for the electorate to free them from harassment by desperate politicians, who might want to molest them during the exercise.

He, however, warned the electorate not to act against the rules and precepts of the electoral process on the day of the election so as to make the exercise fraud free.

The INEC boss, who promised that all logistics that would make the exercise hitch free would be provided, assured that all accredited staffers of INEC and other professional bodies like the NUJ and the election monitoring groups, would be allowed by the security

agents to do their lawful jobs without molestation.

Agbaje fur ther charged politicians to shun politics with bitterness, saying it would not enhance the growth of democracy in the country, but would rather retard it.

He argued that if politics with bitterness and other vices ranging from acrimony, segregation and nepotism are discouraged in the polity, democracy in the land would be restored.

carried out by Coalition of Civil Society Organisations (COCSO) with a warning that all candidates should play by the fundamental electoral laws of the land as politics is not a ‘do-ordie’ affair.

Coordinator of the coalition, Dr. Nwambu Gabriel, who gave the warning in a press conference in Osogbo said; “By this medium, the youth of Osun State are reminded not to allow themselves to be used as instruments to perpetrate electoral violence and be law abiding citizens as the political ambition of no politician is worth their blood.”

He reminded them that ignorance of the law is not an excuse as the law must always take its course to punish offenders.

of the state.

Shittu, who likened the scheme to that of the Jehovah Witness sect, charged them not to relent in spreading the good news of the governor’s achievements in the state.

He said he offered himself as an apostle of Aregbesola’s re-election bid, because of his remarkable achievements that cut across all the length and breadth of Osun and which stands unique and unbeatable if compared with the achievements of previous governments.

He further maintained that the assignment would be diligently carried out by his members and that he would not relent in coordinating the initiative until success is achieved.

Omisore embarks on door-to-door campaign Adeolu Adeyemo

OSOGBO

he governorship flag TDemocratic bearer of the Peoples Party (PDP),

Senator Iyiola Omisore, and his campaign committee, at the weekend, defied the heavy down pour to embark on a house-tohouse campaign ahead of the election.

The campaign train, which visited communities in Ife South Local Government, moved from one town, hut, village and hamlet to the other, propagating the goodies that Omisore has in stock for the people if elected the governor of the state.

Addressing inhabitants of the communities in Ifetedo, Garage Olode, Aba Oyinbo and Mefoworade, Omisore

promised to ensure speedy construction of roads in the rural communities of the local government if elected on August 9.

Besides, he also promised to provide them with standard Primary Health Care Centres (PHCs) to address the medical challenges of the people in the areas.

He expressed optimism in tackling all forms of challenges facing the people even as he pledged not to dissociate himself from the people if given the opportunity.

He said: “If given the mandate, all forms of difficulties facing you would be effectively tackled by my government, which would dwell more on the welfare of the rural inhabitants.”

NEWS 47

Sanctity of Truth

Monday, July 7, 2014

Tukur begs Boko Haram to sheathe swords cease fire

l Says he is ready to join dialogue team members of the insurgent group, Boko Haram, to seize the opportunity of the Ramadan period to sheath their swords and embrace peace.

Tukur specifically described the Holy month of Ramadan as Allah’s means of calling mankind for change of attitude from misconduct.

The former Governor of the old Gongola State pointedly declared that the killing of innocent citizens by the insurgents can never please God as a means of promoting the religion of Islam.

He said the best way

Ambassador plenipotentian Tukur sues for peace in the holy month of Ramadan Lateef Ibrahim Abuja

W

orried by the spate of bombings and killings in the country, former National Chairman of the Peoples' Democratic Party, (PDP) and Ambassadorat-large, Alhaji Bamanga Tukur has appealed to

342,000

The total area (in sq. km) of Congo Republic.

Source: Worldfactsandfigures.com

to propagate Islamic religion in line with practice

by Prophet Mohammed is through peace, good neighbourliness and human dignity.

Tukur stated these during a meeting with some Islamic clerics who, yesterday, paid him a visit at his residence in Abuja.

He told the clerics led

by Uztaz Abdulrahman Yelwa, based in Minna Niger State, that it was time Muslims across the country began to rise in unison to chant down the activities of terrorism in Nigeria.

According to him, no

114

The number of players at Brazil 2014 that either plays in the English Premier League or one of the lower divisions.

Source: Goal.com

one, not even the insurgents, had benefitted anything for what he described as the "mindless and barbaric" killing of innocent citizens of the country.

He noted with regrets that those behind the killings have only been portraying themselves as bad representatives of Islam.

His words: “Islam, according to the Holy Qur’an, is a religion of peace. We can only propagate the religion through committed evangelism to unbelievers as demonstrated by the great prophets who served Allah dili-

125.5

The number of newspaper journalists per 1m inhabitants of Saint Lucia in 2004.

Source: Blatantworld.com

gently and truthfully.

“I appeal to our brothers, who are aggrieved, to stop killing in the name of Islam. Their sponsors too should avoid Allah’s judgment on the last day on the raging art of killing.

"It is not too late for them to sheath their swords. This is the month of Ramadan; the killings must stop from now".

The former National Chairman of the PDP, while reminding the insurgents of several appeals to them by President Goodluck Jonathan for dialogue, called on their leaders to seize the opportunities of the season to open a channel of communication with the Nigerian government without delay.

He said: “We have all been eager for dialogue with them. I have personally been emphasizing that dialogue can end the spate of insurgency in

this country if allowed to happen.

"I think the ball is now in the court of the aggrieved insurgents to take the initiative, and the government will be there as always", he said.

The Ambassador-atLarge assured that he and other Nigerians would not mind to get involved in the dialogue process out of their eagerness to see the problem of terrorism in Nigeria come to an end.

“If we are to dialogue, we must know who and who to dialogue with.

President Jonathan, who I know, will offer any rational sacrifice to end the problem of insurgency and terrorism in Nigeria.

So let the leaders come out to talk with the government”, he demanded.

He further urged Nigerians to turn to God for self-cleansing and for revival of Nigeria.

Ogun sets up committee against drug abuse State government survival and effective Oto gun has set up a committee functioning of human intensify campaigns societies, adding that

Operations Officer, NEMA, Gombe, Hajiya Zainab Umar (right), presenting relief materials to an internally displaced person in a camp in Bali, Taraba State…at the weekend

Ekiti poll: Bamidele knocks Fayemi for blaming loss on frugality Adesina Wahab Ado-Ekiti

T

he Labour Party (LP) governorship candidate in the June 21 election in Ekiti State, Hon. Opeyemi Bamidele, has advised the State Governor, Dr Kayode Fayemi, to stop insulting the people of the state by saying he (Fayemi) lost the poll because of his refusal to give pecuniary items to the electorate.

Bamidele, who is the Chairman, House of Representatives Committee on Legislative Budget and Research, said the outgoing governor should desist from creating negative impression about the people of Ekiti State.

In a statement by his media aide, Ahmed Salami in Ado-Ekiti yesterday, the federal lawmaker said the much-touted sermon

of 'stomach infrastructure’ being preached by Fayemi’s think-tank was unfounded and that such did not make Ekiti electorate to vote against the outgoing governor.

Bamidele described the "stomach infrastructure" theory being trumpeted by Fayemi as a form of intellectual fraud capable of sending the wrong signal that Ekiti were not capable of assessing the

performance of their elected public officials to determine whether to re-elect or deny them at subsequent polls.

He declared that prior to the election, Governor Fayemi distributed over 200 buses among different interest groups, while his wife Bisi Fayemi, distributed buses, grounding pepper, sewing machines and several other equipment to induce market women.

Ajimobi, Ladoja, Alao-Akala bicker over Apete Bridge collapse Sola Adeyemo Ibadan

Progressives Congress Anorll(APC), former GoverAdebayo Alao-Akala and the Accord Party in Oyo State on Sunday engaged one another in war of words over the recent collapse of Apete makeshift bridge in Ibadan in

which about ten persons were allegedly swept away in flood.

While the ruling party in the state accused the administrations of former governors Rashidi Ladoja (now of Accord) and Adebayo Alao-Akala of the People’s Democratic Party of being responsible for the decay in infra-

structure culminating in the collapse of the Apete Bridge and other bridges in Ibadan, the two governors charged the Abiola Ajimobi administration to accept responsibility for negligence which led to the loss of lives penultimate Saturday.

While the State Chairman of the APC, Chief

Akin Oke, said the ruling party and its government were unfortunate recipients of the long years of decay that the government was bequeathed with, Alao-Akala said it was high time Ajimobi woke up to the realities of governance and accept responsibilities for his negligence.

against drug abuse and trafficking in the state.

Commissioner for Health, Dr. Olaokun Soyinka, who disclosed this in Abeokuta described drug abuse and illicit trafficking as a threat to socio-economic and national development of the Nation.

He further described drug abuse as a global phenomenon threatening not only the health of the citizens but also destroying the social, economic and political stability of a nation.

The commissioner said the menace is a major threat to the

instances of deaths from accidents and violent crimes like armed robbery, car snatching, theft, assassination and arson have been traced to the activities of persons under the influence of hard drugs.

“Some of our youths, particularly our girls under the influence of drugs, parade themselves on the streets at night as prostitutes, thereby exposing themselves to various forms of sexually transmitted diseases, including Acquired Immune Deficiency Syndrome (AIDS),” Soyinka said.

Be security Conscious, Lagos tells residents Muritala Ayinla reports of Fandollowing explosion in Apapa other parts of the

country, the Lagos State Government yesterday called on residents to be security conscious and pay attention to suspicious development in their area.

Speaking at a Ramadan lecture organised by the Lagos State Secretariat Mosque Committee, the Solicitor-General and Chairman of the committee, Mr Lawal Pedro (SAN) who gave the warning, said the happenings in the country call for serious concern.

Pedro said: "How are we going about security in the light of the happenings in the country?

Nigerian Muslims most

especially, must be conscious so as to ensure that they expose the pretenders among them who disguise to perpetrate evil to tarnish the image of the religion.

"Everyone must be conscious of the goings in their environment.

There are many who are not Muslim by any iota of standard, who are tarnishing the image of Islam. Muslims must reveal any suspicious person who pretends to be Muslim to unleash terror on others" Also speaking in the same vein, the Lagos State Governor, Mr Babatunde Fashola appealed to residents to be wary of the antics of some politicians who might want to use religion to cause chaos among them.

OPINION

Sanctity of Truth

Monday, July 7, 2014

49

At 50, Sylva continues to rise and rise Israel frees jailed PalestinianAmerican boy, places him under Doifie Buokoribo house arrest

O

Palestinians carry the body of 16-year-old Mohammed Abu Khudair during his funeral in Shuafat, an Arab suburb of Jerusalem July 4, 2014.

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alestinians infuriated at the kidnap and killing of 16-year-old Mohammed Abu Khudair, which they blame on far-right Jews, clashed with Israeli police in Jerusalem weekend, while cross-border shelling in the Gaza Strip abated under Egyptian mediation.

Ahead of Abu Khudair's funeral, Israeli police deployed extra forces in Jerusalem and barred men under the age of 50 from al Aqsa mosque complex, the city's most sacred Muslim site, forcing hundreds of men to hold prayers outside the gates of the Old City.

An Israeli judge yesterday released from jail

and placed under house arrest a 15-year-old American of Palestinian descent whose apparent beating by Israeli police in East Jerusalem has drawn U.S. concern.

TariqKhdeir from Tampa, Florida, is a cousin of Mohammed Abu Khudeir, 16, whose abduction and killing in Jerusalem on Wednesday sparked violent protests and calls from Palestinians for a new uprising against Israel.

Many Palestinians, including President Mahmoud Abbas, say the teen was the victim of rightwing Jews avenging the abduction and killing of three Israeli teenagers,

who disappeared while hitchhiking in the occupied West Bank on June 12, and whose bodies were found on Monday.

An Israeli security source said on Sunday that six Jewish suspects have been arrested in the investigation into Abu Khudeir's death.

The source did not identify them.IsraeliArab tensions have risen sharply in the wake of the killings. Israel said yesterday, its aircraft had attacked 10 sites in the Gaza Strip in response to rocket strikes, although the government dismissed wider action against the enclave.

50 years after independence, Malawi seeks economic freedom

A

s Malawi marked 50 years of freedom from colonial rule yesterday, many local people say the country today is living in a new form of bondage: poverty.

At an event in the capital Lilongwe, thousands of Malawians, along with African leaders such as Zimbabwe's Robert Mugabe, are expected to mark five decades of freedom from Britain. Malawi's President Peter Mutharika, who was elected as the country's fifth leader since independence in May, will use the event to outline government plans for the fragile economy

in a keynote address that also marks the 20-year anniversary of multi-party democracy.

But standing on a street corner selling bananas and local staple cassava in the chilly early hours of Sunday morning, 24-year-old Agnes Kasi said independence had not brought prosperity for most Malawians.

"Why should we celebrate 50 years of independence if the majority of us are still poor and barely survive?" she said. "It's meaningless to celebrate when all we need are jobs and economic empowerment. This country needs leaders who can

develop it to end this poverty," she told AFP. Malawi is one of the poorest countries in the world and more than half of its 15 million people live below the poverty line.

Successive leaders, including independence hero Kamuzu Banda who ruled for three decades before losing the first democratic poll in 1994, have failed to grow the agriculture-based economy. Geoffrey Matonga, a cleric with the Pentecostal church Faith of God, argues that Malawians are not "free as long as we still depend on donors for 40 percent of our budget". "

n Monday, 07 July 2014, Chief Timipre Sylva turns 50. It is a milestone mark for which glory and honour must be given to the good Lord.

As a mark of respect for the Muslims who are observing the Holy Month of Ramadan, there will be no elaborate celebrations this Monday. However a small committee, comprising family, friends and political associates, is putting together a public lecture in his honour in Abuja. The lecture, titled, “The Challenge of Democratic Governance”, has been slated for mid-August. It is to be delivered by the Lagos State Governor, Mr. Babatunde Raji Fashola (SAN), under the distinguished chairmanship of former Chief Justice of Nigeria, Justice Mohammed Lawal Uwais.

The occasion of Sylva’s golden jubilee presents another opportunity to reflect on the political profile of this ever-rising star on the political firmament: A man whose life and politics continues to leave a positive and lasting effect on efforts to expand the frontiers of democracy.

He left the governorship of his native Bayelsa State in January 2012, inexplicably denied a second term ticket by his former party, the Peoples Democratic Party (PDP), in collusion with the presidency under Dr. Goodluck Jonathan.

But then, he remains the main issue in the state’s politics. It is either you are for him, as symbolizing the politics of emancipation and progress, or you are against him as representing the politics of collusion and reaction.

On the national scene, rather than diminish in the face of relentless persecution, and in spite of the plots of his traducers, Sylva has continued to rise in political prominence. The zenith was his near emergence as national chairman of the opposition All Progressives Congress (APC) at the June 2014 1314, national convention of the party.

It would be recalled that the former Minister of Edu-

Sylva

cation, Obiageli Ezekwesili, had in her keynote paper at the APC summit in March pointed out that: “Is it not time for all of our political leaders to pay that utmost sacrifice of leadership – lay down their personal gain for the good of the people they wish to lead? Leadership is not the office, the title, the authority, the mansion one occupies. Leadership is the sacrifice offered that others may thrive.”

That was exactly what Sylva did.

Contrary to views that he lost out at the APC convention, he really did not lose anything. He actually gained by deciding to put the collective interest and objective of salvaging Nigeria’s situation above personal gain. This is the quality of a great leader.

While, like many Nigerians, Sylva believes President Goodluck Jonathan did not create Nigeria’s problems, it has become clear to all honest and self-respecting Nigerians that except Jonathan’s tenancy in Aso Rock ends, the country cannot even begin to address its enormous problems of insecurity, corruption, energy, critical infrastructure, national integration, and others.

Sylva’s decision to join APC, contest for the position of national chairman, stand down, and remain a faithful party member, coupled with the persecutions he continues to suffer, has placed him at the centre of Nigeria’s politics. Anyone who seeks to take over power from Jonathan in 2015, therefore, must nec-

essarily see the former governor as a dependable asset.

Admittedly, however, the maltreatments Sylva has suffered at the hands of haters of democracy and free choice are the typical fate of those who turn out to be their peoples’ brightest hopes.

All through history, great leaders in Africa are known to have suffered persecution. Just in May, Mr. Peter Mutharika took the reins of the southern African country of Malawi, despite facing trial for treason, a charge many believe to have been trumped up. The late President Nelson Mandela of South Africa lived the most part of his adult life under the shadow of political and legal persecution and incarceration. But at the end, he became South Africa’s first post-apartheid democratic president.

Back home, the late sage, Chief Obafemi Awolowo, was a victim of serial persecution by elements who wanted to rubbish his political career.

They failed with their harassments, even lionising him and helping to endear him more to his people.

Former President Olusegun Obasanjo suffered the same fate, when he emerged from an ungodly imprisonment to become the first Fourth Republic president.

What these indicate is that a great political career lies ahead of Sylva.

•Buokoribo is Media Adviser and Private Secretary to Sylva

50

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Sanctity of Truth

Monday, July 7, 2014

‘Why PDP’ll takeover S/West’

Jang to ensure peace at UniJos

Onyekachi Eze

Musa Pam, Jos

ABUJA

T

he Peoples Democratic Party (PDP) said the misrule of the All Progressives Congress (APC) in most of the states it controls will lead to its rejection especially in the South West, in 2015.

The National Auditor of the party, Alhaji Adewole Adeyanju, at an interactive session with newsmen yesterday, said the level of government presence in the South West where APC is controlling five out of the six states in the region was nothing to write home about.

In particular, he listed health and education, as major sore points, lamenting that if care was not taken, human capital development would be dead if APC is not voted out.

"Students of the Lagos State University (LASU) embarked on street protests for days

because of the new tuition regime introduced before it was reduced; same case in Ogun, Ekiti and Oyo states. In Osun state, all the state owned tertiary institutions have been on strike for about five months now. "Tell me, what future do you expect of a society that cannot provide basic things such as education, health, good road networks, security and portable drinking water for its people?

"This was not the case when the PDP governors were in control. In fact, in Ekiti and Ogun states alone, the PDP government then established several tertiary Institutions because of the peculiar situation of our zone but what happened? "When the APC governors came, they either scrapped or merged them. This time around, our people are wiser," he explained.

Adeyanju added that just as was predicted before the governorship

election in Ekiti, PDP will triumph over APC in next month’s election in Osun State. “We said it before in clear terms ahead of the Ekiti governorship election and we matched our words with action and with the support of the people of the state at end of the election; the PDP triumphed over the APC." "We are saying it again now very loud and clear, ahead of the August 9 Osun governorship election that we are reclaiming the state as a prelude to the 2015 elections.

"Right now, our people are more informed and more sensitive because they have tested both the PDP and the APC and they are in a better position to know which of the duo is truly out to do their bidding by providing their basic needs within the available resources, rather than squandering resources unproductive ventures based on their godfathers' interests," he stated.

EFCC probes two FHC judges Tunde Oyesina ABUJA

T

he Economic and Financial Crimes Commission (EFCC) has said that it is investigating two judges of the Federal High Court over alleged unethical conduct.

This was just as the Anti graft agency said its on-going investigation of retired Justice Gladys Olotu, formerly of the Federal High Court, Abuja is justified.

The position of the Commission was con-

tained in a counter-affidavit dated April 1, 2014 and filed to counter claims by Justice Olotu in her suit for the enforcement of her fundamental human rights, pending before a Federal High Court in Abuja.

The EFCC said it was investigating the three judges over allegation that they were involved in unethical conduct, including maintaining various bank accounts and investment interests in business, while in public service.

One of the two judges currently serves in Abuja, while the other is in the Lagos division.

The Commission further said its investigation was based on a petition written to it by a group, Civil Society Network Against Corruption (CSNAC), in which Justice Olotu was also accused of maintaining an offshore account with First Bank (United Kingdom) and was alleged have over N2billion in cash and investment.

P

lateau State Governor, Jonah David Jang has promised to ensure that University of Jos remains a peaceful environment for students to operate in.

Jang stated this at the weekend in Jos during the University of Jos Endowment Fundraising for the full operation of the newly created Faculties of Veteri-

Minna

T

he All Progressives Congress (APC) Niger State yesterday accused Governor Babangida Aliyu of Niger State of wasting state resources by appointing new Special Advisers that would not yield any economic value to

the state.

It said that Aliyu’s recent statement that some of his Special Advisers have not offered him any advice since seven years running shows that the state is squandering funds on political patronage.

The state Publicity Secretary of the APC, Mr. Jonathan Vatsa, said in Minna, that the revelation

came to as a surprise over Governors’ claims that some Special Advisers are doing nothing for the past seven years.

“It is more absurd that he knows that there were Special Advisers, who were not doing their jobs for seven years and still went ahead to appoint new ones to be paid from the lean resources of the

He assured the Univer-

sity of providing funds to the assist in the preparation of full take-off of the new programmes The Niger State Governor, Dr. Babangida Aliyu, on his part, donated N5Million to the institution. He said government should not put politics in the education sector, saying any government that plays with the issue of education plays with the future of its leaders

MDGs execute N5 billion worth of projects in Gombe Ugo Willies Gombe

T

he Special Adviser to Governor Ibrahim Hassan Dankwambo of Gombe State on Millennium Development Goals (MDGs), Alhaji Audi Adamu, says the MDG’s has executed projects worth N5bil-

lion in the state between 2011 – 2013.

Adamu told Journalists during an interview over the weekend after taking them round the 231 projects in the 114 electoral wards of the state for the 2013 intervention that areas of intervention in the projects included water and sanitation, health and

education.

He said the amount was also spent on trainings, workshops, governance, investment, monitoring and evaluation of the projects, poverty alleviation and human development as well as assistance to cooperative societies on agricultural activities.

Okocha empowers women, APC faithful in Obio/ Akpor Chris Ejim YENAGOA

C

hief of Staff to the Rivers State Governor, Chief Tony Okocha, has empowered over 65 women in Obio/Akpor Local Government as part of efforts to put smiles on the faces of

the womenfolk in the state.

Okocha, who is the All Progressives Congress (APC) leader in Obio/Akpor, sponsored a two-week training programme for the women in various skills such as bead making, sewing, catering, decoration and hair dressing.

At the graduation ceremony held at the council headquarters at Rumuodomanya, the beneficiaries, six from each of the 17 wards, including non-indigenes, were presented with certificates of participation and various equipment with which to set up their business.

FCTA receives N2.3 from FAAC Johnchuks Onuanyim

A

buja The Federal Capital Territory Administration, FCTA, over the weekend confirmed the receipt of N2.3 billion from the Federal Account Allocation Committee, FAAC,

Stop wasting state resources APC tells Aliyu Dan Atori

nary Medicine, Engineering and Agriculture.

Jang, who was represented by Commissioner of Education, Hon.Nanle Dashen, described the University as the best in the country. Jang said his administration was committed toward providing the needed security for the University to function freely.

state”.

Vatsa said: “We are in grief how the state treasury is bleeding and they want to silence us with watery responses and statements that were not issue based.

They always choose to shift ground when people desire change, the change has come to Niger state and they will see it”.

for the month of June 2014, for onward distribution to the six area councils in the FCT after relevant deductions has been made.

The money was received on behalf of Joint Account Allocation Committee, JAAC of the FCTA. The committee stated that the statutory revenue allocation for the month of June, 2014 was N964 million, Value Added Tax was N982.2 million, SUREP funds for the month of June stood at N57.8 million while special release was N298.8 million totalling N2. 3 billion.

Also the Committee stated that out of the amount, the total of

N878.7 million was the net distribution to the area councils, this was after a series of deductions for distribution to other stakeholders was made.

According to the Director of FCT Treasury, Mr. Ibrahim Mohammed Bomai, who signed the document the distribution was in accordance with existing laws and status of the revenue sharing formula in Nigeria.

A copy of the analysis of the distribution which was obtained shows that Abuja Municipal Area Council, AMAC, got the highest share as usual while the Abaji Area Council got the lowest share of the fund.

Okagbare wins 200m in Paris days after Lausanne fall Charles Ogundiya

A

head of the Commonwealth Games, Nigeria track queen, Blessing Okagbare, intensified her preparation with another victory in 200m at the weekend at the Paris

Diamond League, as she overcame her Lausanne disappointment where she failed to complete the 100m race following a stumble.

The 25-year-old Nigerian, who took 200m bronze and long jump silver at last year’s IAAF World

Championships in Moscow, overhauled Allyson Felix in the final couple of metres, clocking 22.32sec to the American’s 22.34.

World champion and Jamaican star, Shelly-Anne Fraser-Pryce, whose season has been under-

SPORT

mined by a foot injury, could only manage fifth place in 22.63.

Okagbare will be leading Nigeria athletics team to the Commonwealth Games, and she is undoubtedly one of Nigeria’s medal hopefuls at the games.

51

Okagbare

NEW TELEGRAPH

newtelegraphonline.com/sports

ADEKUNLE SALAMI, DepUTY Editor, SPORTS kunle.salami@newtelegraphonline.com adekunles@yahoo.com

AUTHORITATIVE VOICE IN GLOBAL SPORT

Monday, July 7, 2014

FIFA ban imminent as NFF crisis deepens

lWorld body maintains July 8 ultimatum lGaladima, others cry foul over Abuja Congress

T

he crisis engulfing the Nigeria Football Federation worsened at the weekend with two separate groups opposing each other over the leadership of Nigerian football.

Although ousted NFF board members did not speak officially, stakeholders have faulted the Congress that removed the Aminu Maigari board.

However, the world football ruling body, FIFA, is keeping a keen eye on the situation in Nigeria following the dissolution of the NFF board on Saturday in Abuja.

After an extra-ordinary NFF Congress led by Effiong Johnson, the Chairman of State FA chairmen, the board of the NFF was dissolved and the appointments of all the management staff were terminated.

An electoral committee was constituted at the meeting held at Bolin go Hotel, Abuja while the Congress approved Mr Lawrence Katken as Acting Secretary General.

However, it was learnt here in Brazil that FIFA has started an investigation into what informed the Congress and the composition of the meeting.

The world soccer ruling body, according to sources, is still standing on its Tuesday July 8 ultimatum given to Nigeria especially because there has not been any correspondence from the country to indicate all was right with the administration of its football.

“There are many grey areas yet to be cleared by FIFA, but there are ongoing investigations from independent sources and if all is not okay the ban will come on Nigeria,” our source said.

Meanwhile, sources said only three state chairmen attended the Saturday extra ordinary Congress held in Abuja.

A former NFF boss, Alhaji Ibra-

him Galadima, in his submission, said the same way he was removed from office as then NFA Chairman, was again being played out only with FIFA standing for the truth at the moment.

“If the Sports Ministry and the National Sports Commission are banking on the Jos Court judgement to displace the present Executive Committee, the body has flouted the court order, because the court also said there should be no Congress. So where did they get the powers to appoint an administrator and sack all management staff. This is absurd, illegal and we pray that common sense will prevail,” Galadima said.

Delta FA Chairman, Pinnick Amaju, said the country’s image and football must be separated from politics.

“What we are seeing is an attempt to rubbish a very good man in Aminu Maigari. He may have his limitations, but in reality Nigeria has not had it this good for a long time with a football administrator. The minister might have his points of argument, but Nigeria should supersede all, otherwise by Tuesday we will be banned by FIFA and that will take us several years backwards, because we cannot be against international politics of the game,” Amaju noted.

Some of the state FA chairmen who were not in Abuja for the Congress are still in shock as the turn of events and have decided to wait for further development on the crisis.

Meanwhile, the electoral committee members appointed on Saturday at the Congress in Abuja will also be inaugurated today in the federal capital territory.

In all, nobody is liaising with FIFA on the administration of football in the country and the world soccer body seems to be in the dark over who is in charge of the game in the Nigeria.

Danagogo

Blatter

Maigari

Moses (left)

52

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Sanctity of Truth

Monday, July 7, 2014

FIFA WORLD CUP

A

rgentina brought to an end nearly twoand-a-half decades of frustration on Saturday, when they defeated Belgium 1-0 to check into their first FIFA World Cup™ semi-final since Italy 1990. It was a day in which Gonzalo Higuain also got back to doing what he does best, the Napoli striker choosing the perfect time to open his Brazil 2014 account, though his was not the only notable first on a memorable afternoon for La Albiceleste in Brasilia.

Strikers live and die by the goals they score, and after helping himself to four at South Africa 2010, Higuain’s recent goal drought was the subject of much comment back home in Argentina, not much of it positive.

Happily for him and his country, his fourgame barren spell came to an end within just seven minutes of kick-off, Higuain expertly hooking the ball home with his right foot to send his side through and trigger celebrations among the thousands of Argentina fans packed into the Estadio Mane Garrincha.

“I wasn’t getting desperate about scoring because I knew I was going to get a goal sooner or later,” said Higuain, who exceeded even Lionel Messi in the popularity stakes in the stadium’s mixed zone after the match. “Obviously I’m very happy, especially with this being such a historically important win for Argentina.”

Happy to end his goal quest, he added: “They’ve been asking me since day one when the goal was going to come and I’ve always given them the same answer: ‘I’m working on it’.

Higuain: I never got desperate about scoring

Reflecting on the injury he picked up at the end of the domestic season in Italy, he said: “It’s not been an easy situation for me. I very nearly didn’t make it to the World Cup at all, but fortunately everything has worked out and I’ve been able to get that goal.”

Dream introduction for Perez Though Higuain’s goal and the semi-final place it brought with it were t h e cause of much elation in the Argentinian camp, celebrations were tempered somewhat by the injury sustained by the talismanic Angel Di Maria, who limped off in the first half.

Coach Alejandro Sabella had an innovative response to the Real Madrid man’s untimely exit, bringing o n Benfica midfielder Enzo Perez for his first taste of World Cup action. “ I was lucky enough to make my debut and to do so in such an

important match, and at such a tough time for anyone to come on was incredible,” Perez told FIFA.com. “I feel so happy inside, though obviously I’m sorry that Di Maria picked up an injury. Let’s hope it’s nothing serious.

“It’s a dream come true. It’s been such a long time since we last reached the semis at the World Cup. This team has fought really, really hard to get this far and I’m proud to be part Higuain of such an incredible group of players, even if I

Krul: I told penalty takers I knew their plan I t appeared as if a spell had been cast on the Arena Fonte Nova in Salvador on Saturday, as the stadium that had been synonymous with free-scoring matches at the 2014 FIFA World Cup Brazil™ suddenly provided the stage for a goalless encounter. The Netherlands bombarded Costa Rica’s penalty area without success for 120 minutes, during which Wesley Sneijder twice hit the woodwork to set Oranje fans on edge going into the decisive penalty shoot-out.

Dutch coach, Louis van Gaal, once again demonstrated his tactical expertise by replacing first choice goalkeeper Jasper Cillessen with Tim Krul towards the end of the second half of extra time. The substitution proved to be another masterstroke by the 62-year-old, as the custodian went on to save two spot-kicks to earn the Netherlands a place in the semifinals.

“We told Tim that he would be the better goalkeeper for a penalty shoot-out because he’s taller,” said Van Gaal. “We didn’t say anything to Cillessen because we didn’t want to interfere with his preparations or

his concentration. However, there is no question whatsoever that Cillessen will be in the starting line-up again for the next match. It was just that in this case we felt Krul was the better option and he proved us right. He went the right way on every penalty.”

Unnerving strategy “It’s surreal, I can’t describe it at the moment,” a delighted Krul told FIFA.com after fielding questions from countless television crews. “Seeing the boys run towards me: I’ve seen that so many times on TV after goalkeepers save penalties and win the game. That it’s me (Saturday) tonight in a World Cup quarter-final is something surreal and I don’t think it’ll sink in for a couple of days.”

The Newcastle United shot-stopper also revealed the secret to his penaltysaving success. “I watched them [Costa Rica] against Greece and studied them and I told the players that I knew where they were going to shoot to make them a bit nervous,” the 26-year-old said with a mischievous grin. “Maybe it worked. It happened before when I played against Frank Lampard: I told him that I knew and I saved it. I just tried that again. I’m

so happy it worked today.”

Room for improvement Needless to say, Krul’s team-mates were thrilled with the goalkee p-

er’s heroics.

“Tim is amazing,” Dutch veteran Dirk Kuyt told FIFA.com. “It’s not easy to come on in the last minute of the game and face penalties. But we know that he is a very good penalty saver and the way he did it was amazing. He can be proud of himself and we can be proud of Tim. I think the whole country is proud of him.”

In the last four the Netherlands will meet Argentina, an attack-minded team that will not be content merely to wait for chances on the break, nor be as lenient in letting squandered opportunities go unpunished. “We created so many chances and normally our strikers only need one chance to score,” Kuyt continued. “But sometimes it just doesn’t happen in football. The best thing about tonight is that we never gave up; not during extra time and not at the pen-

haven’t played that much up to now.”

Like the vast majority of the Albiceleste squad, Perez was just a toddler when Argentina reached the Final in 1990, though that has not prevented him from having some recollection of that distant day.

“I remember very little about it because I was very small, but I do have a vague memory of the parties we had at home whenever Argentina played,” he recalled, delving deep into the past.

“And I can honestly remember the goal [Claudio] Caniggia scored against Brazil [in the Round of 16].”

The 28-year-old is now hoping history can repeat itself and that Argentina can make the Final for the first time since 1990. “My entire family have always spoken to me about those World Cups – in 1986 and 1990 – and now here I am, right here involved in it all instead of watching it on TV. It’s just incredible to be part of this team and all I want to do is make it to the Maracana.”

Like every single one of his compatriots, Perez will be hoping that Brazil 2014 will be the source of many more fond memories for future generations of Argentina fans. alties. We survived today and we’re in the semi-finals. In the next match we have to finish our chances.”

Should that encounter also go to penalties, the Netherlands’ now not-so-secret weapon will be

Krul

ready again. “I’ll study Argentina as well,” Krul said. “We’ve been studying and planning what we’re going to do before every game with all the goalkeepers and the goalkeeping coach, so we’re going to do that again.” Argentina will be hoping it does not come to that.

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Sanctity of Truth

Monday, July 7, 2014

53

News Updates

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eymar battled back tears as he urged his Brazil teammates to win the World Cup without him, after suffering a fractured vertebrae in the quarter-final win over Colombia.

“They took away my dream of playing in a World Cup final, but the dream of being a world champion is not over,” the emotional superstar said in comments

Neymar hoping Brazil triumph without him

released by the Brazilian Football Confederation, (CBF) as he left the team camp late on Saturday.

Neymar’s agonising plight remained centre stage as Fifa announced it would consider action against Colombian defender, Juan Zuniga, who kneed the Brazilian in the back. Zuniga apologised to Neymar, but insisted he had not deliberately hurt

the star striker.

“Life moves on. I am sure my teammates will do everything possible so that we can achieve our dream of being champions,” Neymar said in a video released by the federation.

“It was also my dream to play in a World Cup final. It

will not be this time, but I am sure we will overcome this and we will all be able to celebrate being champions.”

The Brazil squad applauded the 22-year-old Barcelona striker in an emotional farewell at their Teresopolis camp before he was taken to Rio de Janeiro by helicopter.

Neuer world’s best keeper –Kahn

M

anuel Neuer has been dubbed ‘the best goalkeeper in the world’ by Oliver Kahn, as Germany’s star shot-stopper prepares for Tuesday’s World Cup semi-final against Brazil.

The 28-year-old has conceded only three goals in five games and was outstanding in Germany’s nervy 2-1 last 16 win to shut Algeria out until the 121stminute.

Neuer then nullified France’s potent attack in Friday’s 1-0 quarter-final win at Rio de Janeiro’s Maracana Stadium to set up the Selecao clash in Belo Horizonte on Tuesday for a place in the July 13 final.

Former Germany midfielder and TV pundit Mehmet Scholl, has dubbed him ‘Icecube Neuer’ for his composure, while ex-national team captain Kahn

says he is the world’s best.

“He has proven at this World Cup that he is currently the world’s best goalkeeper,” said Kahn, who captained Germany to their 2002 World Cup final defeat to Brazil. “Everyone knows that he is a wonderful footballer who can play really well. But what is crucial is that in important situations he can rescue the victory. That is ultimately what he will be measured by.”

Kahn was voted best player and goalkeeper at the 2002 World Cup in South Korea and Japan, but Neuer said he would rather finish his stay in Brazil with a different trophy.

“I’d rather have the World Cup,” said Neuer, who broke into the Germany team before the 2010 World Cup in South Africa.

Neymar

Navas proud of Costa Rica

K

eylor Navas lamented Costa Rica’s elimination from the World Cup at the quarter-finals stage, but believes they have done their nation proud.

Los Ticos had never reached the quarterfinal stages of the competition and had gone unbeaten in Brazil before losing 4-3 on penalties to the Netherlands in Salvador.

“We lost everything in a penalty shoot-out and we go home sad, but with our heads held high,” Navas said to Costa Rica newspaper CRhoy.com. “It’s hard but this is life.”

Bryan Ruiz and Michael Umana saw their spot-kicks saved by substitute goalkeeper Tim Krul, while the Dutch converted all of their attempts.

“We cannot blame anyone because to be there at that time is not easy,” Navas said. “Our rivals did their job in the penalty shoot -out and we didn’t.”

Navas was named as FIFA’s man of the match for the third time in this tournament after the Levante goalkeeper again came up with a string of good saves to keep his side in the game.

“One just tries to help, to do a good job,” the 27-year-old said. “I thank God.

Di Maria worry for Argentina O ne step away from a potential World Cup final, Argentina are hoping for Angel Di Maria to recover from a thigh injury in time for Wednesday’s semifinal clash against Netherlands.

The Real Madrid winger strained the back of his right thigh in Argentina’s 1-0 win over Belgium, and was expected to undergo medical tests on Sunday to discover the extent of the injury.

Losing Di Maria would be a big blow for Argentina as they prepares for their first World Cup semifinal since 1990. Besides Lionel Messi, he’s been

Argentina’s most influential player in Brazil.

Di Maria scored the extratime winner against Switzerland in the second round and set up Gonzalo Higuain’s winning goal in the first half against Belgium on Saturday.

“He’s a key player in this project,” Higuain said of Di Maria. “We hope that he will be ready as soon as possible because we know what he does for the team.”

Coach Alejandro Sabella called Di Maria “vital” to Argentina, which is already missing striker Sergio Aguero due to injury.

Germany urged to drop Ozil

F Kahn

ormer Germany World Cup winner Paul Breitner, is seemingly not impressed with Arsenal star, Mesut Ozil.

Former Germany World Cup winner, Breitner has not been too impressed with his nation’s World Cup

Robben tipped to wreck Argentina P atrick Kluivert has labelled Lionel Messi “special”, but feels Argentina will be wary of Arjen Robben in their FIFA World Cup semi-final.

Messi has been outstanding in Argentina’s run to the last four in Brazil, scoring four goals and leading by example for Alejandro Sabella’s

side.

The Barcelona star will be aiming to inspire his country again when they take on the Netherlands in Wednesday’s last-four clash in Sao Paulo, as they attempt to be crowned world champions for the first time since 1986.

And while Netherlands assistant coach Kluivert acknowledges the threat posed

by Messi, he also believes Argentina will have their work cut out keeping influential Dutch winger Robben quiet.

“The quality of Argentina is awesome. It will be very hard for us and for them,” he is quoted as saying by AS. “Argentina have major individual players. Both teams have players who can decide a game.

performances up until now, singling out Ozil as a big weakness.

The Gunners’ record-signing has played every game for the Germans so far, but Breitner believes with Ozil it is akin to playing with a man less and called for coach Joachim Low to drop him from the XI. “If Joachim Low is brave and says that he doesn’t want to play with just ten players, he will leave Mesut Ozil out of the next match,” he said in quotes published by Spanish newspaper AS. “It would be a step towards the World Cup title and above all a step forward for the team. Nine players go out there and give everything for 90 minutes and one other does nothing but walk around on the pitch.”

Di Maria(right)

Romario backs Germany for glory ormer Brazil striker, Ro-

F

mario, says he remains convinced that Ger many will win the World Cup after he tipped the Europeans to do so last year.

However, the man who scored 55 goals for the Selecao has repeated his desire that his country triumphs when the two sides meet in Tuesday’s Semi Final in Belo Horizonte.

Speaking to the Times of India, Romario said: “I stick to what I said last year. But I want Brazil to beat the Germans, who are a very tough team, in the semi-finals and go on to lift the trophy again.”

54 SPORT

Sanctity of Truth

Monday, July 7, 2014

Samba notes Hull City to hijack Omeruo loan deal from Brazil of Omeruo. lDangles Europa Cup appearances representatives Though Bruce was also in

Compiled by Adekunle Salami

Countdown begins It is no news that the ongoing World Cup is drawing to a close.

I arrived here close to a month ago. That was before the first kick of the ball. The city of Sao Paulo was quiet and there were little of no signs of the World Cup. It was a big surprise only to realise that the protests against the event in some cities in Brazil made people to be quiet about the World Cup. Those engaged to create awareness were also afraid of banner displays because they could be mobbed by protesters.

After the start of the event and with the victory run of Brazil, the protesters themselves seem to be enjoying the competition. It has been weeks of fantastic football, but serious logistics headache to follow the games. With just four games remaining out of the 64, we thank God the countdown to leave this country is on. Can’t wait to be out of here!

Nigerian weather Early June the weather in Brazil was so cold like that of a European country experiencing winter. It was a surprise as we were managing to cope on a daily bases with winter suits.

The stadia were something else especially in the evenings. During the Nigeria, Iran match held in Curitiba, the weather dropped below 10 degrees. However, in the past one week, the weather has been so friendly especially to visitors from Nigeria. It has been 30 degrees with the sun also out.

It is purely our weather, Nigerian weather. Interestingly, Brazilians are not complaining either.

They are used to their fluctuating weather.

Argentina, Brazil on the cards Before the start of the World Cup, the fixtures showed that only the group stage standings can stop the dream final of FIFA and some other followers of the game.

The dream final is Argentina versus Brazil. If Nigeria had prevented Argentina from coming first in the group, the Argentines would have met Brazil in the semis. Both sides emerged first in their respective groups and are now in the semis.

Brazil take on Germany while Argentina take on Holland. Neutral fans here in Brazil are looking forward to it, but Argentines prefer Germany to do them a favour by stopping Brazil while the Brazilians are also hoping the Dutch will stop Argentina. The dream final is being discussed all over Brazil, but one hopes it won’t turn to dream third place.

Supporters club still here A good number of the Nigeria football Supporters Club members are still here in Brazil even over one week after the ouster off the Super Eagles from the ongoing Mundial. The club is not here with a chartered plane and that has been a major issue as the Ethiopia Airline has been lifting the members in batches. It was learnt that Ethiopia Air asked all the members to return on June 29, but Nigeria had a match against France on 30th. So because they did not return as advised each member is expected to pay over 200 dollars as fine before boarding. It was a major issue early on Sunday as about 60 members returned. The last batch, with President General, Rafiu Ladipo, is expected to leave here on July 10. That is all things being equal.

AjibadeOlusesan

E

nglish Premier League club, Hull City, are set to beat Middlesbrough to the signing of Nigeria’s Kenneth Omeruo.

The Super Eagles defender is believed to be on his way back to Boro where he spent the second half of last season.

Middlesbrough Coach, Aitor Karanka, recently admitted that that they had been discussing with Chelsea to have

theplayerforanotherloanstint and he claimed the Blues were willing to grant their request.

But according to an England-based newspaper, Hull Dailymail, Hull City are planning to bolster their squad and have identified the 20-year-old as a top target after a brilliant performance for Nigeria at the World Cup. Reports also suggest that Coach Steve Bruce has made a central defender a top priority and the club has already established contacts with the

thehuntforTottenhamdefender, Michael Dawnson, he holds the Nigerian in higher esteem after reviewing the player’s showing in Brazil.

The club is tempting Omeruo with appearance in the Europa Cup. Omeruo has not played continental football since he moved to Europe, and Bruce men are trying to convince him that he deserves to be plying his trade in the top flightratherthanintheobscure lower cadre.

Appearance Fee: Eagles get$130,000-a-man cash

S

uper Eagles players collected as much as $130,000 each as appearance fee for the 2014 World Cup in Brazil, New Telegraph has learnt.

An official of the Nigeria Football Federation revealed that though the money was not shared equally, top stars like goalkeeper Vincent Enyeama received up to $130,000.

“It was not a flat rate, but some of the players like En-

yeama, who were involved in both the qualifiers as well as the World Cup in Brazil, got as much as $130,000,” an official revealed.

This is outside the match bonus and daily allowances they were paid.

Similarly, the players who qualified Nigeria for a fifth World Cup also got a share of the FIFA largesse, several top team officials disclosed.

Team officials were also not left out of the largesse

with the least getting about $25,000.

But it was further learnt that it was not all plain sailing as there were disagreements particularly as regards whether those who qualified the team for Brazil 2014 should also be part of the appearance fee.

“There was a big issue among the senior players whether those who were part of the qualifiers should also get something.

Brazil 2014 Round of 16 Fixtures Saturday June Saturday June Sunday June Sunday June Monday June Monday June Tuesday July Tuesday July

28 28 29 29 30 30 1 1

QUARTER-FINALS Friday July 4 Friday July 4 Saturday July 5 Saturday July 5

Brazil V Chile 3-2 (P)5pm EstadioMineirao, Belo Horizonte Colombia V Uruguay 2-0 9pm Maracanã, Rio De Janeiro Netherlands vs Mexico 2-1 5pm Estadio Castelao, Fortaleza Costa Rica vs Greece 5-3 (P)9pm Arena Pernambuco, Recife France vs Nigeria 2-0 5pm Estadio Nacional, Brasilia Germany vs Algeria 2-1 9pm Estadio Beira-Rio, Porto Alegre Argentina vs Switzerland 1-0 5pm Arena Corinthians, Sao Paulo Belgium vs USA 2-1 9pm Arena Fonte Nova, Salvador

Brazil V Colombia 2 - 1 5pm Maracanã, Rio De Janeiro France V Germany 0 - 1 9pm EstadioCastelao, Fortaleza Netherlands V Costa Rica 4 - 3(P)9pm Arena Fonte Nova, Salvador Argentina V Belgium 1 - 0 5pm Estadio Nacional, Brasilia

Transfer Updates Cole flies to Italy to complete Roma transfer

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shley Cole is set to fly to Italy on Monday to finalise a free transfer to Roma, Goal understands.

The former England defender has been offered a two-year contract by the Serie A club which is worth £1.98 million per year net of tax, equivalent to £38,000 per week after taxes.

Sources said that the deal was agreed in principle and there are only the formalities to be completed, including a medical.

Arsenal agree Sanchez price

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rsenal have agreed a fee with Barcelona for the services of Chile international Alexis Sanchez, it has been claimed.

According to exclusive reports from Goal, the Gunners - who have been linked frequently with the 25-year-old in recent weeks along with Liverpool and Manchester United - have agreed on a price of £32 million with his current employers and will look to complete the deal soon.

Liverpool, Monaco fight over Sissoko

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IVERPOOL are eying a move for Newcastle midfielder Moussa Sissoko.

Reports also suggest Monaco are ready to make a bid for Sissoko as they look to bolster their squad ahead of a return to the Champions League.

Sissoko moved to St James’ Park in January 2013 for around £1.8m. He has starred in the centre of the park for the Magpies during his time in the north east, catching the eye of big-spending Monaco and Brendan Rodgers’ Reds.

Man Utd move for Vidal

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anchester United are ready to test Juventus’ resolve with an opening bid for midfielder, Arturo Vidal.

Sportsmail revealed in June that Vidal had emerged as new manager Louis van Gaal’s principal midfield target, after securing Ander Herrera in a £28.4million deal from Athletic Bilbao.

United are yet to make formal contact with Juventus, but are understood to have made tentative enquiries to establish whether the Chilean,whosoimpressedattheWorldCup,wouldbeopentoamove.

PSG set to revive Hazard bid

SEMI-FINALS Tuesday July

8

Wednesday July 9

Brazil V Germany

Netherlands V Argentina ?-? 9pm Arena Corinthians, Sao Paulo

THIRD PLACE PLAY-OFF Saturday July 12 [L61] V [L62] FINAL Sunday July

13

?-? 9pm EstadioMineirao, Belo Horizonte

[W61] V [W62]

9pm Estadio Nacional, Brasilia

8pm Maracanã, Rio De Janeiro

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aris Saint-Germain look set to revive their efforts to sign Belgian winger, Eden Hazard, from Chelsea this summer by making a £63mbidfortheplayer,accordingtoFichajes.net.

The 23-year-old was one of the best attacking midfield playersinEuropelastseasonafterhissuperbperformancesatStamford Bridge, and rumours of a fall-out with manager, Jose Mourinho towardstheendoftheseasonsparkedstronginterestfromtheFrench giants.

Rodríguez coy on future

J

ames Rodríguez says that he would fa vour a move to Spain ahead of the Premier League, but insists that he is not worrying about his future.

The 22-year-old Colombia international has emerged as one of the stars of the World Cup after his impressive displays helped his country reach the quarter-finals of the tournament in Brazil.

The Monaco midfielder has been linked with a big-money move to Real Madrid in recent days, with Manchester United also reported to be considering a £65m bid for the World Cup sensation.

SPORT 55

Sanctity of Truth

Monday, July 7, 2014

NFF inaugurates new committees today

T

he Nigerian Football Federation will inaugurate the newly-constituted Electoral Committee and Electoral Appeals Committee that will take charge of the coming elections into the NFF Executive Committee on Monday after-

noon.

Acting General Secretary Lawrence Katken, disclosed in Abuja at the weekend that the inauguration will take place from 2pm at the FIFA Technical Centre, National Stadium Package B, Abuja.

Katken added, “It is impor-

Glasgow 2014 to be best ever - Grevemberg

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lasgow 2014 chief executive, David Grevemberg, has declared that the Commonwealth Games in Scotland starting from July 23, will be the best ever in the history of the Games.

Speaking during the opening of the Athletes Village at the weekend, Grevemberg, said; “These willgodowninhistoryasthebestCommonwealth Games. I am confident we will deliver on that dream.”

TheVillageiswithinwalkingdistanceof Celtic Park, the football ground where the Queen is due to open the Games on July 23, 2014.

“Our residents, the athletes are going to go wow!”GlasgowHeadof Villages,TonySainsbury said.

The Village, which was given a test-run at the weekendbyagroupof 200speciallyinvitedguests, has been five years in the making.

Maigari

Club Owners salute Oyuki Obaseki at 70

T

he Association of Nigeria Premier League Club Chairmen and Managers (club Owners) has sent a congratulatory message to the pioneer chairman of Premier Football League in Nigeria Chief Jackson Oyuki Obaseki as he celebrates his 70th birthday.

According to a goodwill message by the Club Owners jointly signed by the Acting chairman Barr. Isaac Danladi and the Acting Secretary Alloy Chukwuemeka and made available to newsmen, the Association described the birthday celebration as symbolic and special because it is a promise by God in the Holy Bible that good men like Chief Obaseki shall live up 70 years and above.

The statement read in part “Sir as we celebrate with you on this special day of yours, it is our prayers and desire that the Almighty God will shower you with good things of life as you celebrate, Accept our 70 happy cheers as our birthday gift to you.”

Nsirim still in charge, says Judo federation Ifeanyi Ibeh

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he Nigeria Judo Federation has disassociated itself from a recent publication, alleging that the president of the Nigeria Judo Federation, Hon Prince Timothy E. Nsirim has been sacked by the resolutions of a purported Board meeting presided over by one Dr. Musa Oshodi, who also announced himself as the new president of the board.

Secretary General of the Nigeria Judo Federation, Amechi Akawo, in a press statement issued in Abuja at the weekend clarified that no such meeting was held and advised members of

the public and Judo stakeholders in particular to disregard such publication which he said was not only malicious and baseless, but designed to undermine the good works and progress made by the president and his executive board in the past one year.

Meanwhile, judokas from across the country will next month converge in Benin, the Edo State capital, for the maiden Prince Timothy E.Nsirim National Open Senior and Junior Judo Championship holding from August 6-8 at the indoor sports hall complex of the Zone 2 headquarters of the National Sports Commission.

AirtelRisingStars:PlateauendsAbuja’sdoublechase

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liu Yau Adam was the match hero at the weekend when his effort lifted Plateau State to victory at the expense of Abuja in the boys football event in the zonal final of the the Aritel Rising Stars.

Yau’s sublime volley midway into the first half, soared beyond the reach of goalkeeper David Ibrahim and was the only goal that separated the teams as Plateau, coached by former Golden Eaglets starwart, Salisu Nakande won 1-0.

The result also broke the hearts of the Abuja faithful who were hoping for an encore after Abuja had earlier defeated Kaduna 2-1 in a charged final to win the female

Wimbledon 2014

tant that we inaugurate the Committees immediately so that they can set the stage quickly for the conduct of elections into the NFF Executive Committee.”

It will be recalled that the NFF Extra –Ordinary Congress that took place on Saturday in Abuja, constituted a new NFF Electoral Committee and NFF Electoral Appeals Committee for the purpose of the coming elections.

version.

Yau, scored two goals to emerge one of the star players of the tournament.

Abuja stepped up the pace in the second half, but failed to make it count because of some errant finishing.

Earlier, the effervescent Ajoke Ojomu, scored her third goal in the competition as Abuja broke the hearts of Kaduna 2-1 in a bitterly disputed female final. All the three goals were scored in the second half.

Emotions charged in the game as Kaduna was reduced to 10 players by the referee, who issued a red card following a blow into Ojomu’s face.

Djokovic

Djokovic beats Federer, regains no. 1 spot

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op seed at the 2014 All England Club championship, Novak Djokovic, defeated Roger Federer to win his second Wimbledon title and reclaim the top spot in men’s tennis.

The Serbian beat seven-time winner Federer 6-7 (7-9), 6-4, 7-6 (74), 5-7, 6-4 on Centre Court at the All England Club in London. It is his seventh Grand Slam title, and the first since the 2013 Australian Open.

His win against the Swiss ends a run of three straight defeats in

major finals. Djokovic, 27, lost to Andy Murray of Britain at Wimbledon last year, while Rafael Nadal got the better of him at the U.S. Open and last month’s French Open.

Although it was the 35th career meeting between Djokovic and Federer, it was only the second Grand Slam final between the pair since the 2007 U.S. Open. It was also the first major final that didn’t feature either Murray or nine-time French Open winner Nadal since the 2009 U.S. Open.

Kvitova savours second Wimbledon win

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etra Kvitova is thrilled to have proved she is not a one-hit wonder after the Czech produced a stunning performance in the Wimbledon final on Saturday, to defeat Eugenie Bouchard 6-3 6-0, lifting the Venus Rosewater Dish again three years after her first triumph.

In 2011, Kvitova was the underdog but convincingly saw off Maria Sharapova to announce herself as a major new star of the women’s game.

“I’m enjoying it more than my first one,” she said. “That time I didn’t know how to feel and how everything was going to be, and it was a surprise to me.

“This time I’m so satisfied. I think

it’s more special for me that I can win it again. It was a lot of work and nobody really believed that I could play my best again and win another Grand Slam. I’m just glad I’m here again.”

Kvitova’s huge weapons, in particular her serve and forehand, made it all the more frustrating that her results and performances were so up, and down.

Last year she was the only former champion to reach the quarter-final at Wimbledon, but lost to Kirsten Flipkens, while at the Australian Open in January she was beaten in the first round by little-known Thai Luksika Kumkhum.

Top guns not ready to give up R

afael Nadal, Novak Djokovic, Andy Murray and Roger Federer aren’t ready to give up just yet as young guns close in on the old guard The 2014 Wimbledon championships have seen the emerging prospects come close to cracking the superiority of the established quartet of Nadal, Djokovic, Murray and Federer.

The barometer will ultimately be a new name on one of the Grand Slam trophies or, at the very least, a final not contested by one of those four.

It is a situation that will change, naturally, but not quite yet, despite the charges of Grigor Dimitrov and Milos Raonic,

both 23, to the Wimbledon semifinals.

Behind them, 19-year-old Nick Kyrgios and Kei Nishikori, 24, are part of a group taking large strides up the rankings, Kyrgios reaching the last eight and Nishikori already up to 12th in the world.

It’s a slow passing of the torch but one that is already happening.

According to Federer who played in his 25th Slam final on Sunday: “It was always going to be hard to get rid of all four guys at the same time, let’s be honest.

“I said before the tournament that it was probably going to be one of the older guys in the finals.

World Record

On Marble

A man must be big enough to admit his mistakes, smart enough to profit from them, and strong enough to correct them.

– John C. Maxwell

Sanctity of Truth

w w w. new tel eg rap ho nl i ne. co m

Three things cannot be long hidden: the sun, the moon and the truth – Buddha MONday, JULY 7, 2014

The smallest dog living, in terms of height, is a female Chihuahua called Miracle Milly, who measured 9.65 cm (3.8 in) tall on 21 February 2013 and is owned by Vanesa Semler of Dorado, Puerto Rico.

N150

Of economic inclusion and financial integrity (1)

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apitalism originates from the Latin “caput”, cattle heads, and refers to possessions. Capital is used in the 12th century and designates the use of funds. The term “capitalism” is only used for the first time in 1854 by an Englishman, the novelist William Thackeray—and he simply meant private ownership of money.

The consecration of capitalism comes during the 19th century. With the industrial revolution came Karl Marx who focused on the appropriation of the means of production—and who predicted that capitalism, in its excesses, carried the seeds of its own destruction, the accumulation of capital in the hands of a few, mostly focused on the accumulation of profits, leading to major conflicts, and cyclical crises.

So is “inclusive capitalism” an oxymoron? Or is it the response to Marx’s dire prediction that will lead to capitalism’s survival and regeneration—to make it truly the engine for shared prosperity?

If so, what would the attributes of inclusive capitalism be? Trust, opportunity, rewards for all within a market economy—allowing everyone’s talent to flourish. Certainly, that is the vision.

Most recently, however, capitalism has been characterized by “excess”—in risk-taking, leverage, opacity, complexity, and compensation. It led to massive destruction of value. It has also been associated with high unemployment, rising social tensions, and growing political disillusion – all of this happening in the wake of the Great Recession.

One of the main casualties has been trust—in leaders, in institutions, in the free-market system itself. The most recent poll conducted by the Edelman Trust Barometer, for example, showed that less than a fifth of those surveyed believed that governments or business leaders would tell the truth on an important issue.

This is a wakeup call. Trust is the lifeblood of the modern business economy.

Yet, in a world that is more networked than ever, trust is harder to earn and easier to lose. Or as the Belgians say, “la confiance part à cheval et revient à pied” (“confidence leaves on a horse and comes back on foot”).

So the big question is: how can we restore and sustain trust?

First and foremost, by making sure that growth is more inclusive and that the rules of the game lead to a level playing field—favoring the many, not just the few; prizing broad participation over

Guest Columnist Christine Lagarde

narrow patronage.

By making capitalism more inclusive, we make capitalism more effective, and possibly more sustainable. But if inclusive capitalism is not an oxymoron, it is not intuitive either, and it is more of a constant quest than a definitive destination.

I will talk about two dimensions of this quest—more inclusion in economic growth, and more integrity in the financial system.

Inclusion in economic growth Let me begin with economic inclusion. One of the leading economic stories of our time is rising income inequality, and the dark shadow it casts across the global economy.

The facts are familiar. Since 1980, the richest 1 percent increased their share of income in 24 out of 26 countries for which we have data.

In the US, the share of income taken home by the top one percent more than doubled since the 1980s, returning to where it was on the eve of the Great Depression. In the UK, France, and Germany, the share of private capital in national income is now back to levels last seen almost a century ago.

The 85 richest people in the world, who could fit into a single London double-decker, control as much wealth as the poorest half of the global population– that is 3.5 billion people.

With facts like these, it is no wonder that rising inequality has risen to the top of the agenda—not only among groups normally focused on social justice, but also increasingly among politicians, central bankers, and business leaders.

Many would argue, however, that we should ultimately care about equality of opportunity, not equality of outcome.

The problem is that opportunities are not equal. Money will always buy better-quality education and health care, for example. But due to current levels of inequality, too many people in too many countries have only the most basic access to these services, if at all. The evidence also shows that social mobility is more stunted in less equal societies.

Fundamentally, excessive inequality makes capitalism less inclusive. It hin-

Lagarde

ders people from participating fully and developing their potential.

Disparity also brings division. The principles of solidarity and reciprocity that bind societies together are more likely to erode in excessively unequal societies. History also teaches us that democracy begins to fray at the edges once political battles separate the haves against the have-nots.

A greater concentration of wealth could—if unchecked—even undermine the principles of meritocracy and democracy. It could undermine the principle of equal rights proclaimed in the 1948 Universal Declaration of Human Rights.

Pope Francis recently put this in stark terms when he called increasing inequality “the root of social evil”.

It is therefore not surprising that IMF research—which looked at 173 countries over the last 50 years—found that more unequal countries tend to have lower and less durable economic growth.

So much for the diagnosis—what can be done about it? We have done some recent work on this as well. We focused on the fiscal policy dimension—which is part of the IMF’s core business. We found that, in general, fiscal policies have a good record of reducing social disparities—for example, transfers and

income taxes have been able to reduce inequality by about a third, on average, among the advanced economies.

But it is a complex issue and policy choices need to be made carefully. Fiscal discipline is often the first victim on the political battlefield, and we obviously want to choose measures that do the most good and the least harm.

Some potentially beneficial options can include making income tax systems more progressive without being excessive; making greater use of property taxes; expanding access to education and health; and relying more on active labor market programs and in-work social benefits.

But we must recognize that reducing inequality is not easy. Redistributive policies always produce winners and losers.

Yet if we want capitalism to do its job—enabling as many people as possible to participate and benefit from the economy—then it needs to be more inclusive. That means addressing extreme income disparity.

Integrity in the financial system Let me now turn to the second dimension of inclusive capitalism that I have chosen to address—integrity in the financial system.

In this age of diminished trust, it is the financial sector that takes last place in opinion surveys. This might not be surprising in light of some of the behavior that triggered the global financial crisis.

But it is nevertheless disturbing. As many have pointed out, the very word credit derives from the Latin word for trust.

To be continued

OmoBaba

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